Newell Brands sells Rubbermaid business to United Solutions
Rubbermaid consumer storage totes business generated annual sales of approximately US$70 million.
Consumer goods maker Newell Brands is selling its Rubbermaid consumer storage totes business to injection molder and blow molder United Solutions, a supplier of plastic products for the home and office.
In conjunction with the sale, the parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name.
Financial terms of the agreement were not disclosed.
The Rubbermaid consumer storage business represents approximately US$70 million in annual sales, according to Newell.
The move is part of an ongoing effort to simplify and strengthen its portfolio, according to the company.
Headquartered in Leominster, Mass., United Solutions also has molding operations in Mississippi and Arizona.