Newell Brands fires a couple businesses

As part of its ongoing efforts to streamline its portfolio, Newell Brands has reached a definitive agreement to divest itself from a couple more of its businesses.

The company has agreed to sell its Pine Mountain fire starters and fire logs business as well as its Diamond matches, fire starters, lighters, toothpicks, clothespins and clotheslines business to Royal Oak Enterprises LLC, a manufacturer of charcoal and grilling products.

However, Newell Brands will hold on to Diamond branded plastic cutlery products.

Martin Franklin and Ian Ashken, members of Newell Brands’ Board of Directors, are affiliates of Royal Oak.

The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions. Terms were not disclosed.

As previously reported, Newell completed the sale of its tool business to Stanley Black & Decker in March.

In January, Newell Brands sold its its Rubbermaid consumer storage totes business -- which represented $70 million in annual sales -- to United Solutions, a supplier of plastic products for the home and office.