Hand Tools

The new Grip-Rite Coil Roofing nailer steps up in performance, company says.

Newell Brands has found a buyer for its tool business, having recently announced that it would divest roughly 10% of its portfolio as part of its new strategic growth plan.

Stanley Black & Decker has agreed to buy the business for $1.95 billion, boosting its already sizable tools and storage business with brands like Irwin and Lenox.

Newell's tool business had sales of $760 million in the last 12 months, and Stanley expects to net cost synergies savings of $80 million to $90 million by the third year after close.

Stanley Black & Decker had double-digit growth to report in the second quarter, with a large portion of that resulting from organic growth.

Quarterly revenue totaled $3.2 billion, up 10% year-over-year. Growth in volume and acquisitions helped to offset divestitures, price, and currency impacts, and there was 7% organic revenue growth across the board.

Net earnings came in at $277.2 million, up from $271.5 million in the year-ago quarter.