Newell Brands parts ways with Rubbermaid

It was the Rubbermaid to its Newell, but now, the two iconic brands have decided to part ways.

Newell Brands Inc. is continuing its portfolio simplification process by selling its Rubbermaid consumer storage totes business — which represents $70 million in annual sales — to United Solutions, a supplier of plastic products for the home and office.

Both parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name. Financial terms of the agreement were not disclosed

In other portfolio news, Newell Brands has also completed its acquisition of Smith Mountain Industries, a provider of premium home fragrance products (most notably under the WoodWick Candle brand) for $100 million.

The company is also holding for sale its Pine Mountain fire starters, fire logs, and fire safety business, as well as its Diamond matches, fire starters, lighters, toothpicks, and laundry business.

Sales are also underway for previously announced selloffs, such as for two winter sports units, Völkl and K2, and its Heaters, Humidifiers, and Fans business.

The company hopes to complete the divestiture of these assets, as well as the Pine Mountain and Diamond businesses, within the first half of 2017.

The company also entered into a definitive agreement back in October to sell its Tools business, including the Irwin, Lenox and Hilmor brands, to Stanley Black & Decker for $1.95 billion.