News Summary: Stanley Black & Decker selling unit

NEW YORK -- TOOL TIME: Stanley Black & Decker Inc. said Tuesday that it is selling its hardware and home improvement business to Spectrum Brands Holdings Inc. for $1.4 billion in cash.

RATIONALE: Spectrum says the deal will broaden its product offerings which include the Rayovac, Remington and Toastmaster brands. Stanley Black & Decker says the transaction is part of its ongoing strategy to diversify its revenue and geographic reach.

THE OUTLOOK: The hardware and home improvement business will operate as a separate unit once the deal closes, which is expected during Spectrum's first quarter in fiscal 2013.