MADISON, WI (WTAQ) - The Madison company that makes Ray-o-Vac batteries and Remington shavers will soon get into the hardware business.
Spectrum Brands said Tuesday morning it will acquire Stanley/Black-and-Decker’s hardware and home improvement division for $1.4 billion. The unit makes hardware, faucets, and locksets with brands that include Baldwin, Kwik-set, and Pfister.
As part of the deal, Spectrum is also buying the Tong Lung Metal Industry Company of Taiwan, which makes home and commercial locksets. Spectrum says the acquisition will help broaden its product offerings.
Spectrum says it will finalize the Stanley/Black-and-Decker purchase in the first quarter of its next fiscal year – and the unit will operate separately from Spectrum’s other divisions.
The Tong Lung purchase is due to be finished in the second quarter.
Spectrum currently has three divisions – one that makes batteries and home appliances, one that makes weed and bug control products, and one that sells pet supplies.