U.S. Newell Brands to sell Pure Fishing and Jostens units for $2.5 bln

U.S. consumer and commercial products manufacturer Newell Brands Inc is selling its Pure Fishing and Jostens businesses for combined $2.5 billion, the latest in a series of asset sales aimed at increasing its focus on more profitable consumer products.

Newell Brands is selling Pure Fishing, a provider of tackle, lures, rods and reels for fishing, to New York-based private equity firm Sycamore Partners.

The company is also selling memorabilia manufacturer Jostens to California-based private equity investment firm Platinum Equity.

Newell said that the gross proceeds from the divestitures to the two private investment firms are expected to be about $1.3 billion each and that both transactions are expected to close in the fourth quarter.