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.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.