DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date16 March 2017
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the issued share capital in Hanger Holdings Limited, the consideration for which exceeds $100m.
Consideration$660,000,000
ApplicantNBS Holdings Limited
United States Public (87.3%)
United Kingdom Public (4.2%)
Canadian Public (2.8%)
Japanese Public (1.2%)
Norway Public (0.8%)
Swiss Public (0.8%)
Various overseas persons (2.9%)
VendorLindsay Investment Trust and Alton Trust
New Zealand (100%)
Background

The Applicant is a wholly owned subsidiary of Newell Brands Inc (Newell), is a global marketer of consumer and commercial products including Paper Mate®, Sharpie®, EXPO®, Parker®, Marmot®, Sunbeam®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Rubbermaid®, and First Alert®.

Hanger Holdings Limited is the ultimate holding company of Sistema Plastics Limited (Sistema) and its subsidiaries. Sistema carries on business in New Zealand as a designer, manufacturer and global supplier of a range of plastic food and beverage storage containers and plastic storage containers.

Newell intends to continue to:

  • operate Sistema as a standalone business and brand within Newell’s portfolio of household goods businesses;
  • accelerate the growth of the Sistema brand in the United States; and
  • use Sistema's new facility in New Zealand to manufacture products for other brands currently residing within the Newell portfolio, and to provide the platform to rapidly grow its United States-based business.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationSusie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140