ATLANTA (AP) — Newell Rubbermaid said Monday that it plans to buy a maker of reusable water bottles and travel mugs for about $308 million as it seeks to expand into different product categories.
The consumer products company said it is buying the company, Ignite Holdings, from private equity firm North Castle Partners. Ignite makes bottles and mugs under the Contigo and Avex brands.
Newell Rubbermaid said the acquisition, which is expected to close by the third quarter, will add $125 million of revenue to its business this year.
The Atlanta-based company makes Rubbermaid food containers, Calphalon pots and pans, Sharpie markers and other products.
It said it plans to invest money to expand the Contigo and Avex brands.
Shares of Newell Rubbermaid Inc. slipped 14 cents to $31.21 in morning trading Monday.