FTR: Ken Duke
December 6, 2016
Pure Fishing, the tackle industry giant that includes 17 brands including Abu Garcia, Berkley, PENN, Shakespeare, Fenwick, Hardy, Mitchell, Pflueger, Sebile, Spiderwire and Stren, has informed approximately 10 employees in its marketing operations that they are being terminated effective sometime between the end of the month and June 30, 2017.
Last December, Jarden Corporation, the parent company of tackle giant Pure Fishing, agreed to an acquisition by Newell Rubbermaid Inc. for more than $15 billion in cash and stocks. The merger created a consumer goods company with $16 billion in annual sales to be known as Newell Brands. The new company encompassed not only Pure Fishing, but also additional outdoor brands like Coleman and Marmot as well as many household brands outside the tackle industry such as Sharpie, Paper Mate, Elmerâs, Rubbermaid, Graco, Mr. Coffee, Rawlings and Yankee Candle.
According to reliable sources, remaining marketing staff will report directly to Rubbermaid personnel. The fates of sales staff, many of the smaller brands within Pure Fishing and dealer support efforts like the Berkley Experience trailers are uncertain, but more changes are anticipated within the next few months.
When the acquisition was announced a year ago, financial analysts commented that it was all about âcreating scaleâ â applying Newellâs system of integration, cost savings and selective reinvestment to create growth.
Michael B. Polk, CEO of Newell Brands, hoped to squeeze $500 million in costs out of the business within four years. Cutting back on Pure Fishing marketing efforts and combining them with those of Rubbermaid appears to be a move in that direction.
Calls to Pure Fishing had not been returned at the time of this posting, but it is the companyâs policy not to comment on personnel issues.
