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Newell Brands shares tank in New York as major strategic shake-up on cards

Last updated: 14:59 25 Jan 2018 GMT, First published: 09:59 25 Jan 2018 GMT

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Newell Brands in focus in New York

Consumer goods group Newell Brands Inc (NYSE:NWL) saw its shares tank in New York as it emerged that it was mulling strategic options for the  group, which could see its customer base cut in half.

It also lowered its full year guidance, now expecting sales growth of 0.8% against a previous forecast of 1.5% to 2%.

READ: Rubbermaid and DYMO owner Newell Brands punished after third-quarter earnings miss

Shares slumped over 18% to US$25.26.

The firm, whose brands include Rubbermaid, will also explore options for some of its industrial and commercial assets, as well as reduce its factory and warehouse footprint fall by 50%, it said.

Businesses being considered include Waddington, Rubbermaid Commercial Products and Mapa.

"We are committed to achieving our transformation objectives and are taking decisive action with speed to adapt our agenda to the unprecedented volatility in our retailer landscape," said chief executive Michael Polk.

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