Sistema sold for $660 million

Sistema sold for $660 million

5-sistemaNew Zealand plastic kitchen storage manufacturer Sistema has been sold to US-based Newell Brands for $660 million. As part of the deal, Sistema negotiated that Newell would keep manufacturing at its 52,000 square metre plant in New Zealand for the next 20 years.

Sistema, which was founded 34 years ago in a garage, now sells its range of plastic containers in more than 90 countries and has more than 700 employees in New Zealand and overseas. Every container that leaves the state-of-the art factory is made “using virgin material that is both BPA and Phthalate free”, states Sistema’s website.

Founder and Managing Director Brendan Lindsay said the growth the company has experienced could be largely attributed to its employees and said he was delighted manufacturing would remain in New Zealand for the foreseeable future.

“Newell has the expertise and market access that will enable them to take the business to the next level and create new opportunities for the company, especially in North America,” he said.

Newell’s President Mark Tarchetti commented: “We believe there are some very exciting opportunities for the company and we plan to leverage our position as a Fortune 500 company to provide the platform for further growth for Sistema.”

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