Shares of Stanley Black & Decker (SWK) were higher Wednesday after the household hardware provider announced it will buy Newell Brands' (NWL) tool businesses for $1.95 billion in an all-cash deal. The deal will give Stanley Black & Decker the Irwin, Hilmor and Lenox brands that makeup Newell Tools. It has reported sales of about $760 million over the past 12 months. Sales have been growing at a "low- to mid-single-digit" annual rate since 2011, Stanley Black & Decker. Shares of Newell Brands were also higher Wednesday. Stanley Black & Decker's CEO says the deal complements a "multifaceted approach to revenue expansion" and is slated to close in the first half of next year.
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