Spectrum Brands Holdings Inc. (NYSE: SPB) plans to buy the hardware and home improvement business of Stanley Black & Decker Inc. (NYSE: SWK) for $1.4 billion.
The hardware and home improvement group makes hardware, faucets and locksets under the Kwikset, Weiser, Baldwin, National Hardware, Stanley, Fanal, Pfister and Ezset brands. It generated about $985 million in sales for the year ended June 30.
Madison, Wis.-based Spectrum expects the deal to increase growth and be immediately accretive. The buyer supplies batteries, shaving and grooming products, personal-care products, small household appliances, pet supplies, lawn and garden products and insect repellent. The company’s brands include Remington, George Foreman, Littermaid and Farberware.