Stanley Black & Decker Inc. (IW 500/95) agreed to buy Newell Brands Inc.’s tools business for $1.95 billion in cash, helping the workshop giant push deeper into consumer and industrial equipment.
Stanley will gain the Irwin, Lenox and Hilmor brands as part of the transaction, which is expected to add 15 cents to earnings within a year of its completion. The division generated $760 million in revenue over the past 12 months, according to Newell. It makes everything from industrial saw blades to screwdrivers.