Newell to sell off Tools business to Stanley B&D

HOBOKEN, N.J. ― Newell Brands Inc. is selling off its Tools business to Stanley Black & Decker. The portfolio includes the Irwin, Lenox, and Hilmor brands. The deal is worth about $1.95 billion and is part of a new corporate strategy for Newell to “focus resources on the businesses with the greatest potential for growth,” according to Newell Brands CEO Michael Polk. Net sales for the divested business were approximately $760 million for the last twelve months.