Stanley Black & Decker (NYSE:SWK), a tool manufacturer, announced that it is selling its home improvement and hardware business to Spectrum Brand Holdings for $1.4 billion. Th unit makes locksets, faucets, and hardware under brands such as Pfister, Baldwin, and Kwikset. The deal also includes some assets of Tong Lung Metal Industry of Taiwan, a maker of locksets. Stanley Black & Decker said that the sale its part of its broader strategy to diversify geographic reach and revenue, with the unit getting 90 percent of its sales in North America, and 50 percent of its revenue from U.S. home improvement stores, as Lowe's (NYSE:LOW) and Home Depot (NYSE:HD). The company anticipates the sale will yield $1.3 billion in proceeds after taxes, and use proceeds to reduce debt and buy back shares.
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