Small appliance maker Jarden Corporation, known for its FoodSaver(R) and VillaWare(R) brands, announced it has signed a definitive agreement to acquire privately held American Household, Inc. for U.S. $745.6 million in cash for the equity and the assumption or repayment of indebtedness.
American Household is the parent of The Coleman Company, Inc. and Sunbeam Products, Inc., leading producers of consumer products through the Coleman(R), First Alert(R), Health o meter(R), Mr. Coffee(R), Oster(R), and Sunbeam(R) brands.
Upon completion of the acquisition, Jarden says it will be positioned as a global market leader, holding the first or second market position in many of its core consumer product categories, including warming blankets, smoke alarms, professional grooming products, various small appliances, home vacuum packaging, and home canning.
Commenting on the transaction, Martin E. Franklin, Jarden's chairman and CEO, said: "We are delighted to add the renowned products of the American Household portfolio to our growing business, which will allow us to extend our market positions while tapping new strategic sectors."
Jerry W. Levin, chairman and CEO of American Household added: "I am very proud of what all of the American Household employees have accomplished, and I am confident that they will continue to excel in the future as part of Jarden. I believe that Jarden is a partner well-suited to help our businesses capitalize on our strong foundation and rich heritage."
The transaction is expected to close during the first quarter of 2005, subject to Hart-Scott-Rodino approval and other customary closing conditions.
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