New Jersey is losing another corporate headquarters, as Newell Brands announced Friday that it is moving its base to Atlanta from Hoboken by early 2020.
During the consumer goods company’s second-quarter earnings report, interim CEO and Chief Financial Officer Chris Peterson said: “We made a strategic announcement this morning that we have decided to move the corporate headquarters to Atlanta. Three of our seven operating divisions, Writing, Baby and Food, representing over half of the company’ profits, are based in Atlanta today, with approximately 1,000 professional employees located there.
“I see significant value in moving the executive management team closer to the business, especially as we are endeavoring to improve the operating performance of our business. In addition, I believe working in closer physical proximity will promote better teamwork, communication and collegiality and provide more opportunities for career advancement for our people.”
A Newell spokesperson told ROI-NJ that the company has approximately 300 employees in Hoboken currently, and less than 100 — primarily in leadership roles — would be moving South. The company will maintain its E-Commerce division in New Jersey, with all employees staying in Hudson County.
Newell also announced in the earnings report that it intends to retain its Rubbermaid Commercial Products business, which it had previously announced would be sold as part of its ongoing transformation plan.