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.

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