Stan­ley Black & Decker buy­ing Newell tools unit

Baltimore Sun - - AROUND THE REGION - —Sarah Gantz and the As­so­ci­ated Press

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.

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