Starboard Value LP, owners of approximately 3.8% of Newell Brands' outstanding shares, announced that it has released a presentation "outlining the opportunity to create meaningful value at Newell."

Starboard said its presentation "provides an in-depth analysis of the multiple initiatives that Newell's management and reconstituted Board of Directors can implement to drive operational improvements while overseeing Newell's asset divestiture program."

Jeffrey Smith of Starboard stated, "As part of our campaign to drive significant change at Newell, we have conducted a tremendous amount of research to understand the Company's issues and opportunities. We were pleased to reach a settlement with Newell, which resulted in a Board that will be comprised of nine of twelve new directors. For the benefit of the newly reconstituted Board, the management team, the employees, and the shareholders, we feel it is important to share our material findings and recommendations. We believe the released presentation illustrates the significant value creation opportunity at Newell. We expect management and the Board will carefully review our presentation alongside their own internal findings and observations to coalesce on an extensive operational turnaround plan at Newell with the goal of maximizing value for all shareholders."

Starboard believes Newell could be worth $48 per share or more. The stock closed yesterday at $27.63.