Consumer goods company Newell Brands, known for Rubbermaid and other products, said Thursday that it’s looking to shed a business unit with a presence in Huntersville as part of a broad transformation plan.
The New Jersey-based company said it’s exploring “strategic options” for industrial and commercial product businesses, including the Rubbermaid Commercial Products unit that makes its home in Huntersville. Among other actions, Newell Brands is also looking at options for smaller consumer businesses such as sporting goods brand Rawlings.
In 2016, the company said it it employed about 460 in Huntersville, including about 135 in a tools business it planned to sell to Stanley Black & Decker Inc.
Newell said it plans to focus on nine core consumer divisions that produce $11 billion in annual net sales.
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The company’s shares closed down more than 20 percent at $24.81.
The announcement is the latest effort by the conglomerate to shed businesses.
“We believe that exiting non-strategic assets, reducing complexity and focusing on our key consumer-focused brands will make us more effective at unlocking value and responding to the fast-changing retail environment,” Michael Polk, Newell Brands CEO, said in a statement Thursday.