# Newell Brands agrees to sell Waddington Group to Novolex for $2.3B

Newell Brands signed a definitive agreement to sell its Waddington Group packaging business, based in Covington, Kentucky, to Novolex Holdings, backed by The Carlyle Group, for gross proceeds of about $2.3 billion. The deal is expected to close within about 60 days.

- Type: Acquisition
- Announced: 2018-05-04
- Where: Covington, Kentucky, United States
- Value: $2.30B
- Jobs: 3,000
- Status: announced
- Products: paper and plastic packaging, disposable serveware, drinkware, cutlery containers

## Companies

- [Novolex](https://endata.com/companies/331.md) (acquirer)
- [Carlyle Group](https://endata.com/companies/458.md) (investor)
- [Newell Brands](https://endata.com/companies/542.md) (partner)
- [Waddington Group](https://endata.com/companies/3232.md) (partner)
- [Waddington Group](https://endata.com/companies/3232.md) (target)

## Sources

- [ir.newellbrands.com](https://ir.newellbrands.com/news-releases/news-release-details/newell-brands-announces-agreement-sell-waddington-group-novolex/), 2018-05-04: "Gross proceeds from the divestiture are expected to be approximately $2.3 billion, subject to customary working capital and transaction adjustments."
- [wsj.com](https://www.wsj.com/articles/at-last-carlyles-novolex-to-bring-waddington-into-the-fold-for-2-3-billion-1525437869), 2018-05-04: "The Hartsville, S.C.-based company said it has agreed to acquire container and packaging business The Waddington Group from its publicly traded parent Newell Brands Inc. for some $2.3 billion."
- [ecoplasticsinpackaging.com](https://ecoplasticsinpackaging.com/mergers-acquisitions/novolex-to-acquire-us-sustainable-packaging-products-firm/), 2018-05-08: "US-based Novolex... will acquire The Waddington Group from Newell Brands in a transaction expected to be completed by late July 2018."
- [packaging-gateway.com](https://www.packaging-gateway.com/news/novolex-acquire-newells-waddington-group-2-3bn/), 2018-05-08: "Novolex is to acquire US-based consumer goods company Newell Brands' Waddington Group packaging unit in a deal valued at $2.3bn."
- [plasticstoday.com](https://www.plasticstoday.com/packaging/novolex-to-acquire-waddington-group-from-newell-brands), 2018-05-10: "Novolex (Hartsville, SC), a portfolio company of the Carlyle Group and an industry leader in packaging, has announced that it will acquire the Waddington Group (Covington, KY) from Newell Brands Inc."
- [canplastics.com](https://www.canplastics.com/packaging/novolex-buying-newells-waddington-group-for-2-3-billion/1003448197/), 2018-05-16: "Plastic packaging products provider Novolex is acquiring U.S.-based consumer goods company Newell Brands' Waddington Group packaging unit for approximately US$2.3 billion."
- [jonesday.com](https://www.jonesday.com/en/practices/experience/2018/06/newell-brands-to-sell-the-waddington-group-to-novolex-for-approximately-23-billion), 2018-06-01: "Jones Day advised Newell Brands Inc. in its sale of The Waddington Group to Novolex Holdings, a portfolio company of The Carlyle Group, for approximately $2.3 billion in cash."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.