Stanley Black and Decker is rumored to be one of the bidders on the venerable Craftsman brand of tools from Sears, but the company may have gone out shopping and bought itself a different tool company instead. Newell owns brands that range from Coleman camping equipment to Uni-ball pens to Yankee Candle and Calphalon, and now it owns fewer power tools and saws than it used to.

What does Stanley Black & Decker get in the deal? It broadens the company’s “global tool and storage business” with the Irwin, Lenox, and Hilmor brands, which are known for their power tools, saws, and tools for plumbers, electricians, and workers in HVAC and refrigeration.

That means they aren’t household names, but both sides seem pleased with the deal. Newell, also known as Newell Rubbermaid, recently merged with another consumer goods conglomerate, Jarden, ending up with a very diversified business. It sold off the tool brands, preferring to have almost $2 billion to pay down its debt.

If you’re in the market for a massive plastic storage business or some ski equipment, Newell also plans to sell its Rubbermaid brand, as well as ski brands K2 and Volkl.

Stanley Black & Decker to Buy Newell Tools for $1.95 Billion [Bloomberg]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.