Stanley Black & Decker selling unit for $1.4b

Tool maker Stanley Black & Decker Inc. is selling its hardware and home-improvement business to Spectrum Brands Holdings for $1.4 billion. The unit makes locksets, hardware, and faucets for residential use and includes brands like Pfister and Kwikset. Spectrum said the acquisition will broaden its offerings, which include Rayovac and Toastmaster. The buyer said the deal is part of its strategy to diversify.