Shares of consumer-products giant Newell Brands  (NWL - Get Report) have struggled since peaking at $54.89 in August following last year's merger with Jarden, but Jim Cramer says the firm is partly a victim of Donald Trump's election.

"I think there would have been much more aggressive layoffs after the merger between Newell and Jarden if Trump had not been elected," Cramer said during his latest conference call with members of his Action Alerts PLUS investment club. "There would have been a lot more offshoring, too -- they would have taken [manufacturing] to Mexico. That was what Jarden was doing."

Cramer said Newell, which makes everything from Sharpie pens to Graco car seats, must also work out how to better sell products via both bricks-and-mortar stores and online merchants, notably Amazon (AMZN - Get Report) . He added that "you can't be as U.S.-centric as Newell [is]."

Still, Cramer is hanging on to Newell stock for his charitable trust, saying: "I believe CEO Mike Polk will ultimately make this into one of the few pure-play, non-food-and-beverage consumer-product companies with real growth out there."

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Editors' pick: Originally published April 28.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long NWL.