Stanley Black & Decker buying Newell tools unit for $1.95B

Tool company Stanley Black & Decker 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.

Newell Brands 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.

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Stanley Black & Decker buying Newell tools unit for $1.95B