Newell Rubbermaid expands Shanghai office
Seeing opportunity in China for brands such as Irwin, Dymo and Lenox, Newell Rubbermaid pushes what it calls a "Growth Game Plan."
Newell Rubbermaid announced the expansion of its office in Shanghai as the company continues to drive its Growth Game Plan. The expanded Shanghai office currently houses nearly 200 employees, with additional capacity for future growth.
With China’s steel production approaching half of total world output, the company’s Lenox brand of industrial cutting solutions has seen strong growth by enabling the processing of steel and other metals into manufactured goods, especially in heavy industries, such as aviation, shipbuilding and autos.
“We are adding space to accommodate a growing team with new capabilities, supported by a larger investment in the brands within our portfolio that have the ability to win bigger in this priority market,” said Bill Burke, chief operating officer of Newell Rubbermaid. “For a number of years, our Tools and Fine Writing businesses have led the way in China with solid growth, and our Commercial Products and Baby segments are also making good progress. We are now in a position to begin building our go-to-market system at scale in China, utilizing Shanghai as a key hub.”
The rise of urbanization and the growth of mega-cities are fueling a construction boom, which is an opportunity for the company’s Irwin Tools and Dymo industrial labeling products, according to Newell.
The expanded Shanghai office adds to existing sales and procurement offices in Beijing and Shenzhen, several Tools technical centers and a Fine Writing innovation center, as well as a number of manufacturing and distribution facilities across China. The office is located in the recently opened Gubei International Fortune Center II development in the Gubei New District of Shanghai.
Sears’ new director is no stranger to ‘Moneyball’
Hoffman Estates, Ill.-based Sears Holdings Corp. has added Paul G. DePodesta to its board of directors.
DePodesta is currently VP player development and amateur scouting for the New York Mets of Major League Baseball, but he is more famous as the young, forward-thinking, statistics-obsessed Oakland A’s executive upon whom the Jonah Hill character was partially based in the recent movie "Moneyball."
DePodesta, who has not yet been named to any committees of the board, meets the company’s standards of independence, as well as those of NASDAQ, Sears said.
Ingersoll Rand to spin off security unit
Ingersoll Rand has announced a plan to spin off its commercial and residential security businesses into a standalone company. The new security business will provide electronic and mechanical security products and services, delivering comprehensive solutions to commercial and residential customers. Ingersoll Rand expects the spinoff, which is intended to be tax-free to shareholders, to be completed in approximately 12 months.
Ingersoll Rand, as a separate company, will continue to offer its portfolio of products. It will serve customers globally through a number of leading brands, including Ingersoll Rand, Trane, American Standard, Ameristar, Thermo King, Aro and Club Car.
“Given the distinct strengths and strategies of the two proposed companies, [our] board believes that this structure will enable investors to value our different businesses separately, creating value for both companies and their shareholders,” said Michael Lamach, Ingersoll Rand’s chairman and CEO. “We believe the spinoff, which is the result of an in-depth review of strategic alternatives by our board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses. At the same time, it will position the new security company to build scale and make the necessary investments for the future.”
Lamach will continue after the spinoff to serve in his current role as Ingersoll Rand’s chairman and chief executive officer.