Brendan Lindsay, founder and 90 percent owner of kitchen plastics company Sistema, said yes to Newell’s second offer to purchase his company for $660 million.
In 2014 Lindsay turned down a similar offer because Newell would not commit to keeping the factory and its 700 jobs at home in New Zealand. This year, after visiting Sistema’s spanking new facility, Newell, which has a US market capitalization of $22 billion, cooperated with all of Lindsay’s demands.
“There’s a 20-year lease on the building, guaranteed employment for 700 staff with all their [existing] employment conditions. It’s business as usual, nothing changes,” Lindsay said. “The way I look at it, this is my baby and it’s time for new parents. And it’s the best deal for Sistema because why would you give your baby to parents you didn’t like or trust?”
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