Newell Rubbermaid Inc. (NYSE: NWL) has agreed to acquire Elmer’s Products Inc. from Berwind Corp. for $600 million in cash, as part of a broader effort to increase profits.

Newell Rubbermaid, which makes Rubbermaid food storage products, says the purchase will help revive the company’s portfolio. Elmer's products will complement Newell Rubbermaid's school supplies division, including Sharpie permanent markers. Elmer’s, of Westerville, Ohio, is known for the Elmer’s and Krazy Glue Brands. The target expects to finish 2015 with about $240 million in sales. Newell Rubbermaid will fund the acquisition with cash and debt. Berwind is a Philadelphia-based investment firm and acquired Elmer's in 2003.

Newell Rubbermaid, based in Atlanta, has been buying and selling assets lately in an attempt to boost margins. Earlier in 2015, the company sold the Endicia online shipping and mailing division to Stamps.com (Nasdaq: STMP) for $215 million and in 2014, Newell Rubbermaid bought beverage container maker Ignite USA LLC for $308 million. Private equity firm Nova Capital Management Ltd. purchased five hardware brands from the company in 2013 for $214 million.

Separately, Newell Rubbermaid said it will look to divest the Levolor and Kirsch window blinds brands.

Robert W. Baird & Co. advised Elmer's.

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