Stanley Black & Decker buying Newell tools unit
Stanley Black & Decker Inc. is buying Newell Brands’ tools division for $1.95 billion in cash. The unit includes the industrial cutting, hand tool and power tool accessory brands Irwin and Lenox. While Stanley Black & Decker is based in New Britain, Conn., its tool and storage division is headquartered in Towson. A company spokesman said the acquisition was not expected to have a significant impact on operations there. This is Stanley Black & Decker’s first major acquisition since 2013, President and CEO James Loree said Wednesday. “Newell Tools is an important step in our quest to further strengthen our presence in the global tools industry,” Loree said. Atlanta-based Newell Brands Inc. announced recently that it will sell several divisions as part of a consolidation move. The transaction is expected to close in the first half of 2017.