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Stanley Black & Decker is buying Newell's tool business
Newell Brands has found a buyer for its tool business, having recently announced that it would divest roughly 10% of its portfolio as part of its new strategic growth plan.
Stanley Black & Decker has agreed to buy the business for $1.95 billion, boosting its already sizable tools and storage business with brands like Irwin and Lenox.
Newell's tool business had sales of $760 million in the last 12 months, and Stanley expects to net cost synergies savings of $80 million to $90 million by the third year after close.