The sale of Jarden could open 3 or 4 account reviews of brands you love
Steve’s breakdown: There’s are a ton of $1 to $2 million accounts involved in this acquisition so take a moment to see who might be changing agencies. Rawlings baseball gloves, Yankee Candles & Coleman outdoor brands are among them.
RYE, NY: Household products giants Newell Rubbermaid and Jarden Corp. will be under the same roof sooner than the companies had hoped, The Post has learned.
Newell is on track to complete its proposed $15 billion deal for Jarden by April 15, which is earlier than the mid-2016 closing it had targeted, according to a source.
The deal struck in December will create a consumer products colossus with about $16 billion in annual revenue and brands ranging from Sharpie pens and Graco baby strollers to Sunbeam appliances and Rawlings baseball gloves.
While regulators were expected to eventually sign off on the deal, they are moving faster than the companies anticipated, said a source close the process.
The deal needs approval from the Federal Trade Commission and regulators in other countries where the firms do business. The FTC is also busy trying to block Staples from buying rival Office Depot, as well as reviewing the Pfizer-Allergan proposed merger, sources said.
While there would seem to be little overlap between ballpoint pens and baseball gloves, the combined company will have more pricing power when it comes to big chains like Walmart and could cross-sell its products in stores.
The companies declined to comment.
Newell will be paying $59.18 a share for Jarden based on Thursday’s closing price. Jarden shares rose 9 cents to close at $58.95.