NEW YORK (AP-WWLP) — Tool company 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, which has a manufacturing plant in East Longmeadow.
22News asked Tim Perra, Vice President of Corporate Communications for Stanley Black & Decker, what impact this sale would have on the people who work in East Longmeadow and the manufacturing facility itself.
“It’s too early to comment on integration plans, but it’s important to note that the two businesses are complementary with little substantial overlap in terms of product offerings and distribution channels. The addition of the Irwin and Lenox brands strengthens Stanley Black & Decker’s already strong portfolio of brands and the company’s position in hand tool and power tool accessories products,” Perra said.
Newell Brands Inc. announced last week that it will be selling several divisions as part of a consolidation move. The move to sell businesses with annual sales of about $1.5 billion comes a year after the company bought Jarden Corp. for about $13 billion and Elmer’s for $600 million.
Newell Brands said that the consolidation move will transform it from a holding company to an operating company with a new set of investment priorities and a sharpened portfolio.
Stanley Black & Decker is based in New Britain, Connecticut. Its stock fell slightly in premarket trading.