Jones Day is advising Newell Brands Inc. in the sale of its tools division to Stanley Black & Decker Inc. for $1.95 billion in cash—including Newell’s Irwin, Lenox and Hilmor brands.
The deal, announced Wednesday, is part of the consumer products giant’s “new strategic plan” to sharpen its “portfolio choices and investment priorities that will focus on the businesses with the greatest potential for growth,” Newell’s CEO Michael Polk said in a statement. Proceeds will be used primarily to pay down debt.
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