Stanley Black & Decker (NYSE: SWK), New Britain, CT, has agreed to acquire the tools business of Newell Brands Inc. (NYSE: NWL), Hoboken, NJ, which includes the industrial cutting, hand tool and power tool accessory brands Irwin and Lenox, for $2 billion.
"Newell Tools is an important step in our quest to further strengthen our presence in the global tools industry," said Stanley Black & Decker President and CEO James Loree.
Newell announced a series of changes following a strategic review of its business since the completion of the Newell Rubbermaid and Jarden combination in April; that included selling about 10 percent of its portfolio.
