US consumer goods giant Newell Brands (Atlanta, Georgia; www.newellbrands.com) has signed a definitive agreement to acquire food storage manufacturer Sistema Plastics (Auckland / New Zealand; www.sistemaplastics.com). The USD 470m acquisition, which will be funded by cash, is subject to the relevant approvals and expected to close in Q2 2017.

Formerly known as Newell Rubbermaid until the latter’s merger with Jarden Corporation earlier this year (see Plasteurope.com of 16.12.2015), Newell Brands said the “bolt-on acquisition” strengthens its leadership role in its Food Storage business. CEO Michael Polk added that the company will apply both its capabilities and scale to further boost Sistema’s performance.

Auckland-based Sistema Plastics specialises in the production of food storage products, sold in 82 different countries worldwide, including in markets where Newell’s “Rubbermaid” food storage products are not available. The latter's portfolio is sold under the "Klip it" brand, but the company also offers to-go and microwaveable solutions, beverage bottles as well as storage and gardening solutions. In addition to giving the US group a wider geographical presence, the fact that Sistema Plastics is due to start up a new manufacturing facility in New Zealand soon will help Newell Brands meet growing market needs, the US company said.