No one is happier about Newell Rubbermaid's  (NWL) completed merger with Jarden (JAH)  than TheStreet's Jim Cramer. 

"I think this combination presents you with a new way to play the housewares business other than just Home Depot (HD) and Masco (MAS) ," he said. "I'm recommending this thing hard."

This is a good deal that allows the newly combined company to lower its costs, boost its margins and gain more shelf space, Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. Newell's shares are already up 2% Monday.

Management will consolidate some brands while selling off those that aren't doing as well. That means Newell will stick with the higher-margin businesses, Cramer said. Taking out Jarden gives Newell more clout in keeping prices up at big box retailers including Home Depot and Walmart (WMT) . 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.