President and Chief Executive Officer, John F. Lundgren, commented, “The sale of HHI is consistent with our strategy of strengthening our position as a diversified industrial company while maintaining the significant upside potential of a housing market recovery through our $5 billion CDIY portfolio. While HHI is a healthy and profitable business, its characteristics are inconsistent with Stanley Black & Decker’s strategic objectives of diversifying our revenue base through further expansion into targeted end markets with higher growth and margin profiles, including emerging markets. Going forward, we remain focused on executing the promising organic growth initiatives we discussed on our July earnings call that should boost the company’s organic growth rate by two to three points annually in the coming years.”Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings said, “We are very pleased to be acquiring HHI, which is a successful, well-managed business with attractive market positions, international growth potential and established brands. We believe HHI has a bright future as part of Spectrum Brands, and look forward to supporting its product development and growth initiatives to fully realize HHI’s great potential.”
Stanley Black & Decker Reaches Agreement To Sell Its Hardware & Home Improvement Group (HHI) To Spectrum Brands Holdings For $1.4 Billion In Cash
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