Spectrum Brands Closes Deal for Stanley Black & Decker Hardware and Home Improvement Group
MADISON, Wis., and NEW BRITAIN, Conn.-Spectrum Brands has completed its acquisition of the Hardware and Home Improvement Group of Stanley Black & Decker.
The two companies announced the agreement for the purchase on Oct. 9. Spectrum has acquired the group for $1.4 billion in cash, bringing the group's line of residential locksets, residential builders' hardware and faucets under its corporate umbrella. The brands in the group include Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL, Pfister and EZSET.
The Hardware and Home Improvement Group generated about $985 million in net sales for the 12 months ending on June 30, 2012. About 85 percent of its sales were in North America, with more than 40 percent coming from home-improvement retailers.
Spectrum is already the parent company of the Remington line of personal-care products and the Russell Hobbs line of housewares. Dave Lumley, Spectrum's CEO, said the newcomer to the company's portfolio "will enhance our top-line growth, margins and free cash-flow profile." (The group) brings us scale and greater product diversity, more balance in our sales profile, stronger relationships with core retail partners, attractive cross-selling opportunities in all channels and a new platform for significant future global growth using Spectrum Brands' existing international infrastructure, most notably in Europe."