Newell Brands Inc. (NYSE: NWL) has agreed to sell the Rubbermaid consumer storage business to United Solutions for an undisclosed amount, as part of the company’s strategy to focus on fast-growing brands. In addition, Newell has put the Pine Mountain fire logs and the Diamond matches businesses up for sale. Newell is in the process of selling 10 percent of its portfolio so it can focus on fast-growing business lines.
United Solutions makes plastic garbage cans, laundry baskets and food storage containers under the Organize Your Home, At Your Service, Rough & Rugged, ECO Sense, Pain Solutions and Organize Your Office brands. The Leominster, Massachussetts-based company has been licensing the Rubbermaid brand to make trash cans and will continue to do so under the deal agreement. The Rubbermaid storage business generates about $70 million in annual sales.