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Newell Brands' (NWL) Rubbermaid Launches New Food Storage Line

With stay-at-home norms in place, more and more people are spending time in the kitchen. As a result, the need for efficient food storage arises. Newell Brands Inc.’s NWL Rubbermaid brand has come up with a new product, EasyFindLids, a food storage container. Notably, these are BPA-free, microwave-safe, freezer-safe and dishwasher-safe and available in different shapes and sizes, in sets of 24-42 pieces. Customers across the United States can buy these online at Target TGT, Walmart WMT and Amazon AMZN at prices starting from $12.

The product also features the SilverShield technology and built-in antimicrobial properties, which will protect the container against unwanted microbes. Apart from lifetime antimicrobial protection, this new technology will prevent odor-causing bacteria that grow on the surface of the container and the lid. It is also in sync with the FDA guidelines for food contact surfaces. Further, this new storage solution will help reduce clutter, making it convenient for customers.

We hope that the latest launch will not only prove beneficial to customers but also contribute to the company’s top line.

What Else Should You Know?

Newell Brands has been witnessing sales growth in a few categories, stemming from the ongoing crisis. Evidently, consumers’ shifting preference for selective products has been benefiting the company’s Food, Commercial, Appliances & Cookware and Outdoor & Recreation categories.

Moreover, management is progressing well with its Project FUEL plan for 2020 that focuses on enhancing productivity in a bid to offset revenue declines. Also, it plans to leverage its robust e-commerce capabilities, which have remained strong for some time now. With consumers increasingly shifting to the online platform due to the ongoing COVID-19 pandemic, Newell continues to witness solid online growth. This positive trend is likely to continue in the near term.

Despite continued uncertainties related to the COVID-19 situation, the Project FUEL plan and the shift in consumption patterns are likely to act as key catalysts for this Zacks Rank #2 (Buy) stock in the near term. In fact, the stock has gained 5.8% in the past three months compared with the industry’s 6.2% growth. You can see the complete list of today’s Zacks #1 Rank(Strong Buy) stocks here.

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