Stanley Black & Decker Purchases Lenox American Saw
EAST LONGMEADOW — Stanley Black & Decker announced it has purchased the tools division of Newell Brands, which includes Lenox American Saw, for $1.95 billion in cash. Lenox American Saw employs 640 people in East Longmeadow.
Stanley Black & Decker, based in New Britain, Conn., operates a global manufacturing footprint, with more than 2,500 employees around the world.
“Newell Tools is an important step in our quest to further strengthen our presence in the global tools industry,” said Stanley Black & Decker President and CEO James Loree in a statement. “The addition of the iconic Lenox brand and very strong Irwin brand, as well as their associated power-tool-accessory and hand-tool products, opens up exciting new sources of global growth in similar ways, albeit on a smaller scale, to what Black & Decker did in recent years. Thus, the acquisition of Newell Tools, our first major acquisition since 2013, will provide both a source of inorganic growth in year one and an organic boost thereafter.”
The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to close in the first half of 2017.