US-based conglomerate Newell Brands has been given approval to buy New Zealand plastic storage maker Sistema for $660 million.
Newell – which owns a string of household name-type brands including Paper Mate, Sharpie, Sunbeam, Rubbermaid and First Alert – applied to the Overseas Investment buy Sistema from its holding company, Hanger Holdings.
It will continue to run the business as a standalone operation within its household goods arm.
The move will also accelerate Sistema’s growth path in the United States and allow Sistema’s New Zealand factory to make products for other Newell brands.
READ MORE: Sistema sold to Sharpie owner US Newell Brands for $660 million
Founder and 90 per cent shareholder Brendan Lindsay turned down an initial offer from Newell in 2014 because it would not commit to keeping the firm’s manufacturing and 700 staff New Zealand based.
But last year Newell – which has a market capitalisation of US$22 billion (NZ$31b) – tried again and agreed to Lindsay’s conditions.