School Supply Love: Maker Of Sharpie Pens To Buy Company Behind Elmer’s Glue For $600M
If you thought the pending billion-dollar merger between Staples and Office Depot was the only office supply wedding in the works, then you might not have been prepared for the $600 million union between the maker of Sharpie pens and the owner of Elmer’s Glue.
Sharpie maker Newell Rubbermaid — also responsible for Paper Mate pens, Rubbermaid storage products, and Graco strollers — will add Elmer’s Products Inc. and its brands, including X-Acto blades and Krazy Glue, to its sizable roster.
The newly acquired businesses will become part of Newell’s writing sector when the deal is completed — expected to occur before the end of the year.
Elmer’s is currently operated by family owned investment management company Berwind Corp.
Newell says that in order for the deal to move forward it will divest its Levolor and Kirsch window covering brands from its decor business.
“We are delighted to welcome the Elmer’s team and their leading brands to our company. The addition of Elmer’s adds even more firepower and long-term potential to our building growth acceleration and margin development story,” Michael Polk, President and Chief Executive Officer of Newell Rubbermaid, said in a statement.
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