Tackle News:
Newell Brands has announced that it is prepared to sell Pure Fishing as part of a plan to transform its business.
The US-based multinational marketer of consumer and commercial products made the announcement to investors at its First Quarter results presentation in New York this morning. The news will come as no shock to business analysts who widely predicted the sale which was exclusively reported in Angling International's digital newsletter, Communiqué Online.
Newell Brands acquired Pure Fishing in April 2016 as part of its $15 billion takeover of the Jarden Corporation. Since then the future of the fishing company, which numbers many iconic brands within its portfolio, has been the subject of much conjecture.
The proposed sale of Pure Fishing is part of Newell Brands Accelerated Transformation Plan that will see it trimmed down to seven core consumer divisions.
Michael Polk, Newell Brands Chief Executive Officer, told investors that the divestiture process is 'well under way' and that he expected to complete all transactions by the end of 2019. Earlier in the day Newell Brands had announced the sale of the Waddington Group for $2.3 billion.
Doesn't sound good... Not 'cause I suspect what'll happen, but 'cause I don't know what might happen.
Perhaps someone can correct me, but I believe this will be the third or fourth time Penn has changed hands since 2000.
Yes it is true.
tony
good luck, guys! i hope this works out for you!!!!!!
Pure Fishing includes a lot more than just Penn, and some of the other names are very well known too (Shakespeare, Mitchell, Hardy, Pflueger, Berkley, etc.). That Pure might be sold isn't news; what might be news would be if Penn or one/a couple of the brands got sold on their own.
Frank
Hope it all settles out okay.
Incorporate Ohana and let's buy PF.
President and Legal already accounted for :)
Can I apply as the Head Go-For.....Bill
Ha! I can see all the reel products now: all aluminium, brass and stainless tanks, with a few rubber & carbon fiber parts.
I'm not happy about this at all. What incentive does the new corp have to not just evaporate some overlapping lines? I am pretty certain Penn would survive the cut but maybe not Hardy. I think PF owns both Stren and Berkley, it would be easy to see one of them going the way of the Firebird.
Ron
It's all about earnings for stock holders, if the earnings aren't there unload the division and keep the ones with stronger earnings. Never know which way it will go, although it normally doesn't bode well.