Newell Brands to Move HQ Back to Georgia
The consumer products company reported that Newell Brands has decided to move its corporate headquarters to the Atlanta area “in order to facilitate a stronger connection between senior leaders and the operations of the business, and to enhance the company’s culture and sense of community.”
HOBOKEN, NJ—A little more than three years after the firm announced it would relocate its corporate headquarters from Atlanta to New Jersey, a struggling Newell Brands, the parent company of Sharpie, Rubbermaid and Yankee Candle, reports it will be moving its corporate headquarters back to Sandy Springs, GA.
The consumer products company in its second quarter 2019 financial results released late last week, reported that Newell Brands has decided to move its corporate headquarters to the Atlanta area “in order to facilitate a stronger connection between senior leaders and the operations of the business, and to enhance the company’s culture and sense of community.” Three of Newell’s seven operating divisions (Writing, Baby and Food) are based in Atlanta. The firm’s current headquarters is located at Waterfront Corporate Center III in Hoboken.
Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Marmot, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert and Yankee Candle.
“We’re excited to welcome Newell Brands’ corporate headquarters back to Georgia,” Georgia Gov. Brian Kemp said in a statement published in the Atlanta Journal Constitution. “Our state’s unmatched business climate continues to attract quality jobs across multiple industries, and we look forward to Newell’s continued investment in Georgia.”
Newell Brands is expected to relocate less than 100 high-ranking corporate jobs to Atlanta.
The firm, which has been selling off some of its assets, reported net sales from continuing operations in the second quarter were $2.1 billion, a decline of 3.9% compared with the prior year period. Core sales from continuing operations declined 1.1% from the prior year period.
“The financial results we announced this morning represent another quarter of progress, with disciplined cost management and focused execution behind working capital initiatives driving better than expected margin and cash flow progression in the second quarter,” said Chris Peterson, Newell Brands Interim CEO and chief financial officer. “Encouraging first half results and the green shoots of progress we are driving across the business give us the confidence to reiterate our outlook for full year core sales, operating margin and earnings per share and to raise our full year outlook for operating cash flow to between $600 and $800 million.”