{"id":50596,"date":"2016-10-04T11:10:33","date_gmt":"2016-10-04T18:10:33","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=50596"},"modified":"2016-10-04T13:44:22","modified_gmt":"2016-10-04T20:44:22","slug":"hey-anyone-want-to-buy-k2-sports","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=50596","title":{"rendered":"Hey, Anyone Want To Buy K2 Sports?"},"content":{"rendered":"

\"newellbrands_ex_090816\"In an announcement<\/strong><\/a> today (October 4, 2016) \u00a0Newell Brands<\/strong><\/a>\u00a0stated that as part of their plans to reportedly “sharpen strategic focus for accelerated growth” they are putting their winter sports businesses up for sale. What are these winter sports businesses? Well, K2 Sports<\/strong><\/a> is one of them. You know,\u00a0K2 Snowboards<\/strong>, Ride Snowboards<\/strong>, Morrow Snowboards<\/strong>, and 5150<\/strong>.<\/p>\n

The businesses held for sale represent about 10 percent of the portfolio and include the vast majority of the Tools Segment, the Winter Sports businesses within the Outdoor Solutions Segment, the Heaters, Humidifiers, and Fans businesses within the Consumer Solutions Segment, and the Consumer Storage Container business within the Home Solutions Segment.<\/p><\/blockquote>\n

Newell hopes to have them all sold by early 2017. Anyone? Maybe they’d make a deal for someone who wants to grab\u00a0humidifiers, fans, and<\/em>\u00a0a few snowboard brands? For the complete press release, please follow the jump.<\/p>\n

<\/p>\n

Newell Brands Announces New Growth Game Plan<\/p>\n

Oct 4, 2016
\nSharpens Strategic Focus for Accelerated Growth<\/p>\n

Consolidates Business Units<\/p>\n

Creates New Global E-commerce Division<\/p>\n

Holds Nearly 10 Percent of Portfolio for Sale<\/p>\n

HOBOKEN, N.J.– Newell Brands Inc. (NYSE: NWL) announced a series of changes related to a comprehensive strategic review of its business conducted since the completion of the Newell Rubbermaid and Jarden combination. Newell Brands will transform from a holding company to an operating company and, with a new set of investment priorities and a sharpened set of portfolio choices, accelerate growth and performance by deploying a proven set of growth capabilities over a broader set of categories and by disproportionately resourcing the business with the greatest potential.<\/p>\n

The company will simplify its operating structures consolidating the existing 32 Business Units to 16 Operating Divisions, including the creation of a new global enterprise-wide e-Commerce Division. The company will also focus and strengthen its portfolio by holding a number of businesses for sale, using the proceeds primarily to accelerate debt pay down, and creating a platform for future acquisitions that strengthen and scale the company\u2019s core businesses.<\/p>\n

The businesses held for sale represent about 10 percent of the portfolio and include the vast majority of the Tools Segment, the Winter Sports businesses within the Outdoor Solutions Segment, the Heaters, Humidifiers, and Fans businesses within the Consumer Solutions Segment, and the Consumer Storage Container business within the Home Solutions Segment. The total 2015 net sales of the businesses held for sale are approximately $1.5 billion, and include about $100 million of the $250 to $300 million of previously announced exits or assets held for sale.<\/p>\n

\u201cNewell Brands new strategic plan establishes a clear set of investment priorities, a new organization design for the company, and a sharp set of portfolio choices that will focus our resources on the businesses with the greatest potential for growth and value creation,\u201d said Michael Polk, Newell Brands Chief Executive Officer. \u201cWe will drive growth acceleration over time through more effective and scaled commercial operations, increased investment in our brands and capabilities, and the delivery of bigger, better innovation across a broader set of categories. We will simultaneously expand margins through significant cost synergies and other savings related to the combination of Newell Rubbermaid and Jarden and other cost focused initiatives.”<\/p>\n

\u201cThe combination of Newell Rubbermaid and Jarden has created a unique platform for transformative value creation and the actions we are taking to reshape the company will unlock this opportunity, bringing greater investment and growth to our highest potential categories like Writing, Home Fragrance, Baby, Food Storage & Preparation, Appliances & Cookware, and Outdoor & Recreation. The choices we are making will strengthen the underlying growth and performance of our most strategic businesses and over time enable us to scale our core categories through external development,\u201d said Mark Tarchetti, Newell Brands President.<\/p>\n

The sale processes are underway and the company hopes to complete the divestiture of the assets held for sale within the first half of 2017. Proceeds from successful divestitures will be used primarily to accelerate the pay down of debt, with the goal of achieving the company\u2019s stated objective of a leverage ratio of 3 to 3.5 times EBITDA. At a recent investor conference, the company announced that it expects to deliver $500 million in costs synergies by the end of 2018, an acceleration of cost synergy delivery relative to the original commitment of 3 to 4 years from the completion of the Newell Rubbermaid and Jarden Corporation combination on April 15, 2016. The acceleration of cost synergy delivery is connected in part to the announcement today of the consolidation of 32 Business Units to 16 Divisions. The actions announced today will not impact 2016 core sales or normalized EPS guidance. More details will be shared on the company\u2019s third quarter earnings call on October 28, 2016.<\/p>\n

About Newell Brands<\/p>\n

Newell Brands (NYSE: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate\u00ae, Sharpie\u00ae, Dymo\u00ae, EXPO\u00ae, Parker\u00ae, Elmer\u2019s\u00ae, Coleman\u00ae, Jostens\u00ae, Marmot\u00ae, Rawlings\u00ae, Oster\u00ae, Sunbeam\u00ae, FoodSaver\u00ae, Mr. Coffee\u00ae, Rubbermaid Commercial Products\u00ae, Graco\u00ae, Baby Jogger\u00ae, NUK\u00ae, Calphalon\u00ae, Rubbermaid\u00ae, Contigo\u00ae, First Alert\u00ae, Waddington and Yankee Candle\u00ae. For hundreds of millions of consumers, Newell Brands makes life better every day, where they live, learn, work and play.<\/p>\n

This press release and additional information about Newell Brands are available on the company\u2019s website, www.newellbrands.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

In an announcement today (October 4, 2016) \u00a0Newell Brands\u00a0stated that as part of their plans to reportedly “sharpen strategic focus for accelerated growth” they are putting their winter sports businesses up for sale. What are these winter sports businesses? Well, K2 Sports is one of them. You know,\u00a0K2 Snowboards, Ride Snowboards, Morrow Snowboards, and 5150. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[4,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50596"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50596"}],"version-history":[{"count":9,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50596\/revisions"}],"predecessor-version":[{"id":50606,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50596\/revisions\/50606"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50596"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}