Stanley Black & Decker Inc. (NYSE: SWK) agreed to buy Newell Brands Inc.’s (NYSE: NEWL) tools business for $1.95 billion in cash to expand in industrial cutting equipment.

The sale includes the Irwin, Lenox and Hilmor brands, Newell said in a statement. The consumer-products company, which owns Elmer’s glue, Mr. Coffee brewers and Graco baby strollers, will use the proceeds to pay down debt, it said. The deal will add 15 cents a share to Stanley Black & Decker’s earnings in the first year after closing, the New Britain, Connecticut-based company said in a separate statement.

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