Stanley Black & Decker Inc.’s Hardware & Home Improvement Group in Lake Forest has been acquired by Madison, Wis.-based Spectrum Brands Holdings Inc. for $1.4 billion.
It will operate as a separate unit within Spectrum Brands, and Greg Gluchowski will continue as president under the new ownership.
The local unit of New Britain, Conn.-based hardware maker Stanly Black & Decker designs and tests products for household brands, including Kwikset locks and Pfister faucets.
It has been operating in Lake Forest since 2000, and now has more than 400 employees there. The unit had $985 million in sales for the 12 months through June.
Spectrum Brands makes a variety of consumer products under brands such as George Foreman and Farberware. It had about $3.2 billion in sales last year.
The acquisition is expected to help Spectrum Brands “increase total revenues to over $4 billion and add renowned brands,” according to Dave Lumley, chief executive of Spectrum Brands. It also is expected to help the company repay debt, he said.