Stanley Black & Decker continues acquisitive outlook
In early January, Stanley Black & Decker agreed to purchase the Craftsman Brand From Sears Holdings to develop, manufacture and sell Craftsman-branded products in non-Sears Holdings channels.
The deal consists of a US$525 million cash payment, US$250 million at the end of year three, and annual payments to Sears Holdings of 2.5-3.5% on new Stanley Black & Decker sales of Craftsman products through year 15.
Stanley Black & Decker says it will “significantly increase [the] availability and innovation of Craftsman products and add manufacturing jobs in the U.S. to support growth”.
The deal follows Stanley Black & Decker’s deal to take Newell Brands’ Irwin, Lenox and Hilmor properties in October.
AMES buys Hills Home Living
Home living products business AMES Australasia, which owns brands including Cyclone, Nylex and Northcote Pottery, has agreed to buy the Hills Home Living (HHL) business.
It is reported that Hills had been looking to divest its home living products business following the end of an exclusive licensing deal with Woolworths due to the closure of Masters.
AMES has bought Hills’ tooling equipment and trademarks and says it plans to revitalise a range that includes clotheslines and laundry products.
For its part, Hills says it is reverting to its core competences in technology products and services.
US giant Newell Brands buys Sistema Plastics
The deal marks not only continuity and a new era for the Kiwi company but also the continued employment of its more than 700 employees in New Zealand and overseas.
Established 34 years ago in a garage in Cambridge by founder and Managing Director Brendan Lindsay, the company has seen its brand become recognised around the world.
Moreover, Newell has agreed to keep manufacturing in New Zealand for the next 20 years at Sistema’s recently opened 52,000m2 manufacturing facility near Auckland airport.
Mark Tarchetti, President of Newell Brands, says Sistema is “an excellent business and an extraordinary success story”.
Brendan Lindsay will step down from his position as Managing Director, saying: “It has been an incredibly exciting, and at times challenging, journey that is a tribute to the hard work and dedication of a lot of people who work and have worked for the company.”
Newell’s portfolio of best in class brands includes Paper Mate, Sharpie, Dymo, Parker, Abu Garcia, Shakespeare, PENN, Marmot, Sunbeam, Rubbermaid to name a few…