Consumer Company Newell Rubbermaid Buys Jarden, U.S. Stocks Open Flat


U.S. stocks opened flat to slightly higher Monday on news of a consumer deal. Newell Rubbermaid is buying Jarden Corporation for about billion. The combined company will generate a mammoth billion in revenue per year with brands such as Papermate, Sharpie, Elmer’s Glue, Rubbermaid, Calphalon, Lenox, Yankee Candle and Graco. The combined company will be known as Newell Brands. The companies said they had identified 0 million in cost cuts over the next four years. They expect the deal to close in the second quarter of 2016. Newell Rubbermaid CEO Michael Polk will become CEO of the new company, while Newell Chief Development Officer Mark Tarchetti will become president and non-executive chairman Michael Cowhig will remain in that role.

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