(Reuters) - Jarden Corp , the maker of Sunbeam appliances and Coleman outdoor gear, said it would buy disposable tableware maker Waddington Group for about $1.35 billion.
Reuters reported in March that Waddington's owner, buyout firm Olympus Partners, was looking for bids for the maker of plastic plates, cups and cutlery.
The deal is expected to close in the current quarter and begin adding to Jarden's adjusted profit immediately, and is expected to contribute about 5 percent of adjusted profit in 2016, Jarden said.
Waddington is expected to contribute about $800 million to revenue in 2016 and will be clubbed with Jarden's biggest business, branded consumables, which includes Bicycle playing cards and NUK baby products.
Jarden will fund the deal with a combination of cash, common stock and debt.
Up to Friday's close, Jarden's stock had risen 9.3 percent this year, outperforming a 0.9 percent rise on the S&P 500 Index <.SPX>.
(Reporting by Subrat Patnaik and Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza and Simon Jennings)
