Cleary Gottlieb is representing Stanley Black & Decker in the sale of its Hardware & Home Improvement Business (HHI) to Spectrum Brands for $1.4 billion in cash. HHI is a provider of residential locksets, residential builder’s hardware and plumbing fixtures marketed under the Kwikset, Weiser, Baldwin, Stanley, National and Pfister brands, among others. The transaction was announced on October 9, 2012 and is subject to closing conditions including required regulatory approvals. It is expected to close by the first quarter of 2013.
The transaction marks Stanley’s largest divestiture and the fourth in a series of divestitures of businesses that Cleary Gottlieb has handled for Stanley – the prior ones being the sales of the Doors, Home Décor, and CST/Berger divisions.