Newell Brands has agreed to acquire Sistema Plastic, a producer of food storage containers based in New Zealand, for 660 million New Zealand dollars (€790.8m-$839.2m). Founded 34 years ago, Sistema has an annual turnover of around US$145 million, growing above the rate of Newell's core assets. It has diversified into the fast-growing beverages category. The company sells its products in 83 countries, one of which is not yet covered by Newell's beverage and food storage operations. Newell has agreed to let Sistema make its products at a recently-opened 52,000-sqm facility near Auckland's airport. In addition to Sistema, Newell has also bought Smith Mountain Industries, a scented candle company that will complement its Yankee Candle operation.
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