Newell Brands Restructures

Newell Brands has launched a restructuring and savings initiative called Project Phoenix to reduce complexity, streamline its operating model, and drive operational efficiencies. It plans to simplify the organizational structure, streamline its real estate, and centralize its supply chain functions which include manufacturing, distribution, transportation, and customer service. The plan is expected to result in a reduction of 13 per cent of office positions. The company will consolidate its five operating segments into three operating segments. The commercial solutions, home appliances, and home solutions segments will amalgamate into one operating segment, home and commercial solutions. Learning and development and outdoor and recreation will remain as the company’s other two operating segments. The initiative is expected to be substantially implemented by the end of 2023.