ATLANTA (AP) - Newell Rubbermaid is buying Jarden Corp. in a cash-and-stock deal that creates a $16 billion consumer goods company.

ATLANTA (AP) Newell Rubbermaid is buying Jarden Corp. in a cash-and-stock deal that creates a $16 billion consumer goods company.

Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock for each share they own. The implied total value is $60 per share. Newell Rubbermaid shareholders will own about 55 percent of the combined business.

The combined company will be called Newell Brands. Its portfolio will include Paper Mate, Sharpie, Elmer's, Rubbermaid and Graco, among other brands.

Newell Rubbermaid said Monday that it expects annual cost savings of about $500 million over four years.

Michael Polk, CEO of Newell Rubbermaid, will serve as CEO of Newell Brands.

The deal is targeted to close in 2016's second quarter. It still needs approval from shareholders of both companies.