Spectrum Brands Buys Stanley Hardware Group
Deal worth $1.4 billion in cash.
Stanley Black & Decker has entered into a definitive agreement to sell its Hardware & Home Improvement Group to Spectrum Brands Holdings Inc. for $1.4 billion in cash.
The transaction, which is subject to customary closing conditions including required regulatory approvals, is expected to close by the first quarter 2013.
With 2011 revenues of $940 million, HHI is a provider of residential locksets, residential builder’s hardware and plumbing fixtures marketed under the Kwikset, Weiser, Baldwin, Stanley, National and Pfister brands, among others.
“The sale of HHI is consistent with our strategy of strengthening our position as a diversified industrial company while maintaining the significant upside potential of a housing market recovery through our $5 billion CDIY portfolio," said Stanley president and CEO John F. Lundgren. "While HHI is a healthy and profitable business, its characteristics are inconsistent with Stanley Black & Decker’s strategic objectives of diversifying our revenue base through further expansion into targeted end markets with higher growth and margin profiles, including emerging markets.”
Dave Lumley, chief executive officer of Spectrum Brands Holdings said, “We are very pleased to be acquiring HHI, which is a successful, well-managed business with attractive market positions, international growth potential and established brands. We believe HHI has a bright future as part of Spectrum Brands, and look forward to supporting its product development and growth initiatives to fully realize HHI’s great potential.”
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