Newell Rubbermaid and Jarden Corporation announced the merger of the two companies with combined revenue of $16 billion. The new company will be called Newell Brands and will include a portfolio of well-known brands, including Rubbermaid storage products and Sharpie writing instruments.

According to an 8K filing, Goldman Sachs served as lead financial advisor to Newell Rubbermaid and is providing committed financing for the transaction. Centerview Partners acted as financial advisor to the Newell Rubbermaid board of directors. Barclays acted as lead financial advisor with UBS Investment Bank also serving as financial advisor for Jarden.

Michael B. Polk, currently chief executive officer of Newell Rubbermaid, will become chief executive officer of Newell Brands. Mark S. Tarchetti, currently chief development officer of Newell Rubbermaid, will become president of Newell Brands upon completion of the transaction.

“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” said Polk. “I have long respected the value creation track record and entrepreneurial vision of Jarden’s founder, Martin E. Franklin, co-founder Ian G.H. Ashken, and their team led by chief executive officer James E. Lillie.”

Franklin and Ashken will join the Newell Brands board of directors. Michael T. Cowhig, currently non-executive chairman of Newell Rubbermaid will to remain non-executive chairman of the 13 member Newell Brands board of directors.