New Britain’s Stanley Black & Decker is acquiring Newell Tools and its Irwin and Lenox brands for approximately $1.95 billion, the companies announced Wednesday.
In his first big move since becoming Stanley’s new president and CEO this summer, Jim Loree said the deal represents the company’s first major acquisition since 2013.
Newell Tools is a large manufacturer of hand tools and accessories, with revenues totaling approximately $760 Million and more than 2,500 employees, Loree said. The business and its brands will complement Stanley’s global tools and storage business under Senior VP and Group Executive Jeff Ansell’s leadership, he said.
The acquisition fits into the company’s growth strategy, said Loree, which is to “leverage our scale and scope in terms of our manufacturing processes, our culture of innovation and our relationships with our key customers. … We are charting a course toward doubling the size of the company by 2022.”
Newell Tools makes industrial cutting, hand tool and power tool accessory brands under the Irwin and Lenox names, chiefly for the plumbing and electrical industries, he said, with revenues half U.S.-generated, and half global.
The transaction is expected to close in the first half of 2017, pending regulatory approvals.
