Newell Brands has agreed to acquire Sistema Plastic, a producer of food storage containers based in New Zealand, for 660 million New Zealand dollars (€790.8m-$839.2m). Founded 34 years ago, Sistema has an annual turnover of around US$145 million, growing above the rate of Newell's core assets. It has diversified into the fast-growing beverages category. The company sells its products in 83 countries, one of which is not yet covered by Newell's beverage and food storage operations. Newell has agreed to let Sistema make its products at a recently-opened 52,000-sqm facility near Auckland's airport. In addition to Sistema, Newell has also bought Smith Mountain Industries, a scented candle company that will complement its Yankee Candle operation.
Related articles
-
OpinionCorporate social responsibility - could this be a way to reduce staff fluctuation?
There has been a culture change towards employment in my lifetime: no longer are workers expecting jobs for life. The change has already happened but is sparking something greater with those affected. My graduating students realize they need work skills and know that a period of attachment with a brand ...
-
ArticleCourt lifts Swedish sales ban after Hövding’s bankruptcy - but there's a catch
It’s hard to understand what has been happening in Sweden for several months on Hövding’s back. The company, which had developed and sold a very popular airbag collar for cyclists, had to file for bankruptcy shortly before Christmas because the Swedish Consumer Protection Agency had banned the sale of the ...
-
News briefsSwiss Stromer and US bike fintech offer e-bike leasing in the US
Stromer, the Swiss e-bike technology pioneer, has partnered with Colorado-based The Sweet Spot, a bicycle fintech company, to offer long-term e-bike leasing and management in the US. This new leasing option makes Stromer’s premium Class 3 commuter e-bikes accessible to even more riders, supporting the brand’s mission to shape the ...