Hilmor, Irwin, Lenox Brands to be Acquired by Stanley Black & Decker
Acquisition enhances its tools portfolio
HOBOKEN, N.J. — Newell Brands Inc. announced it has entered into a definitive agreement to sell its Tools business, including the Hilmor®, Irwin®, and Lenox® brands, to Stanley Black & Decker for $1.95 billion. Newell said this agreement has been reached due to a series of strategic changes announced last week related to the company’s new corporate strategy.
“Newell Brands’ new strategic plan establishes a sharp set of portfolio choices and investment priorities that will focus resources on the businesses with the greatest potential for growth,” said Michael Polk, Newell Brands chief executive officer. “The actions we are taking will strengthen the underlying performance of the company and help unlock the unique opportunity for transformative value creation connected to the combination of Newell Rubbermaid and Jarden Corporation. While our Tools brands have been very good contributors to our results, we believe they will benefit from being part of Stanley Black & Decker, a global leader in the tools category.”