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Company with $7B in sales now calls Boca Raton home

By
 –  Real Estate Editor, South Florida Business Journal

After years of moving its employees south, Jarden Corp. has officially switched its headquarters to Boca Raton to give the city another major corporate player to boast about.

Formerly based in Rye, N.Y., the company (NYSE: JAH) changed its headquarters address in public filings to 1800 North Military Trail several months ago, spokeswoman Rachel Wilson said. It still has offices in both cities, but its larger workforce is in Boca Raton, she said.

Jarden has over 30,000 employees worldwide. She wouldn’t say how many are in South Florida. It also has an office in Miami, where founder and Executive Chairman Martin E. Franklin resides. Most of its press releases now have a Miami dateline.

Franklin is also a director of Miami-based Burger King Worldwide.

With $7.36 billion in sales in 2013, Jarden is now among the largest public companies in South Florida. It had net income of $204 million.

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While Jarden may not be a household name, many of its products are in households across the world. Its consumer brands include Sunbeam, Oster, and Crock-Pot appliances, Mr. Coffee, Coleman outdoor products, Yankee Candle, Pure Fishing, Hardy and Berkley fishing gear, Rawling baseball gear, Bicycle playing cards, NUK baby products, First Alert home safety, Diamond plastic wear, GrillMaster, Health o Meter scales, Full Tilt snow sports boots, and dozens more.

According to Yahoo! Finance, Jarden has a market capitalization of $8.05 billion. 

It owns 17 million square feet and leases 15 million square feet of facilities in Europe, Asia and Latin America, including in Venezuela. In fact, Jarden’s annual report includes numerous notes on how the rampant inflation in Venezeula and the devaluation of the Bolivar against the U.S. dollar have made it challenging to place a value on its sales proceeds in that country. Jarden took a $29 million devaluation to its Venezuela operations because of the exchange rate issue last year.

As of Dec. 31, Jarden had $15 million in U.S. dollars and $99 million in Bolivars in Venezuela and warned that the country’s currency exchange controls could limit its ability to transfer that money to the United States.

On Wednesday, Jarden announced that it would raise $600 million by issuing senior subordinated debt, which it would use to repurchase some common shares.