Newell Brands is selling iconic sporting goods company Rawlings to a private equity fund for about $395 million, the Associated Press reported Tuesday.
The sale is part of a broader plan at Newell Brands Inc. to sell some units and focus on key brands. It recently sold its disposable cups and cutlery business for about $2.2 billion.
The Hoboken, N.J.-based company’s current brands include Sharpie, Calphalon and Rubbermaid.
Rawlings, known for baseball gloves and other sports equipment, is being sold to a fund managed by Seidler Equity Partners and Major League Baseball will co-invest.
Rawlings, founded in 1887, is based in St. Louis and has a plant in Washington.
The sale is expected to close over the next two months.
This past January, it was reported that Rawlings could be on the sale block.
Rawlings, which makes sporting equipment including baseball gloves and softball bats, was sold to Jarden in 2007. It ended production of football helmets and football shoulder pads in 2015.
Rawlings previously made some custom baseball gloves at its plant in Washington, but no longer makes any baseball gloves in the United States.
The Washington factory employs about 172 workers.
Rawlings is the official baseball and official helmet supplier of Major League Baseball, the official baseball for the NCAA and the official uniform provider of USA Football and Team USA, according to the company.
It’s also the official football and basketball supplier for the National Association of Intercollegiate Athletics, and it’s the official basketball supplier of the National Junior College Athletic Association and the Amateur Athletic Union, as well as the approved baseball, basketball, football and softball of the National High School Federation, Rawlings said.