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Acquires Smith Mountain Industries, maker of WoodWick Candle brand.
December 12, 2016
By: Christine Esposito
Editor-in-Chief
Newell Brands Inc. has announced that it will acquire Smith Mountain Industries, a provider of premium home fragrance products, primarily under the WoodWick Candle brand, for $100 million. In addition, Newell announced that it is also acquiring New Zealand-based Sistema Plastics, a provider of innovative food storage containers. Newell Brands CEO Michael Polk said that the two bolt-on acquisitions will strengthen Newell’s leadership positions in its most important “Win Bigger” categories, one of which is home fragrance. WoodWick Candle is a fast-growing brand in the home fragrance category with annual sales of approximately $65 million. The company's innovative scented candles “crackle as they burn” and offer a strong strategic fit with Newell Brands’ current Home Fragrance portfolio, which includes the category-leading Yankee Candle brand, the company said in a press statement.
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