Newell Brands Inc. announced March 18 that it has agreed to sell its Process Solutions Business to private equity firm One Rock Capital Partners LLC.

Newell said its process solutions unit, which manufactures custom-designed plastic, nylons, monofilament and zinc products, recorded net sales of about $640 million in 2018.

The Rubbermaid and Sharpie parent anticipates after-tax proceeds of $500 million, subject to working capital and transaction adjustments, for the divestiture.

The deal is expected to close in the second quarter of 2019, subject to customary closing conditions.