Reuters: Newell Brands nears deal to sell Jostens to Platinum Equity

Reuters reports Newell Brands Inc. is closed to a deal to sell Jostens, a U.S. manufacturer of memorabilia such as class rings and yearbooks, to private equity firm Platinum Equity LLC for around $1.3 billion, two people familiar with the matter said on Tuesday.

The deal would mark the latest divestiture for Newell, which announced in May, as part of a turnaround plan, it would sell Jostens and its Pure ?Fishing brands. Newell is better known as the maker of Rubbermaid, Crock-Pot slow cookers and Yankee Candles. Newell purchased Jarden Corp. in 2016; Jarden had spent $1.5 billion to buy Jostens in 2015.

According to the article, “The sources, who asked not to be identified because the matter is confidential, cautioned that there was always a chance that negotiations end without a deal. Platinum Equity and Newell Brands declined to comment.”