For $1.4 billion, Stanley Black & Decker is selling its hardware and home improvement group to Spectrum Brands Holdings Inc.
The division makes Kwikset and Baldwin locksets and Pfister faucets, among other brands, generating $985 million in revenue for the fiscal year ending in June. In a statement, Stanley Black & Decker CEO John Lundgren said the deal allows the company to pursue higher-margin product lines.
It marks New Britain-based Stanley Black & Decker’s biggest transaction since its $4.5 billion merger with Black & Decker in 2010. In July, Stanley Black & Decker spent $850 million to acquire Infastech, a Hong Kong-based maker of specialty fasteners for use by aircraft, automotive and medical device manufacturers, among other industries.
Madison, Wis.-based Spectrum Brands’ portfolio includes George Foreman grills, Rayovac batteries and Remington shavers.
