Jostens To Be Sold
Both the Wall Street Journal and Minneapolis Tribune report the sale of Jostens by Newell to Platinum Equity for approximately 1.3 billion dollars. Newell also plans to sell its Pure Fishing Brands for around 1.3 billion dollars. The money will be used to help repay debts. Newell purchased Jostens three years ago for 1.5 billion. It was part of Newell's acquisition of parent company Jarden.
Newell also makes Rubbermaid products along with crock-pot slow cookers and Yankee candles among other goods.
The CEO of Platinum Equity is Tom Gore who owns the NBA Detroit Pistons.
Jostens a maker of class rings, classbooks and pro sports rings originated in Owatonna. in 1897 and had revenues of $768 million in 2017.
The deal is expected to be completed in the fourth quarter.