Stanley closes Newell Tools purchase

NEW BRITAIN, Conn. — Stanley Black & Decker has finalized the purchase of Newell Brands’ tool business. The $1.95 billion transaction closed hours after Stanley’s purchase of the Craftsman line from Sears Holdings became final. Announced in October, the Newell acquisition was Stanley’s first major purchase since it bought out Hong Kong-based fastener manufacturer Infastech in 2013.