It's part of the toolmaker's plan to save $1.5 billion in three-year cost savings while shifting resources and reprioritizing investments.
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The transaction was initially announced on Dec. 8, 2021, and Security generated approximately $1.6 billion in revenue that year.
Jaime Ramirez steps down as EVP and president in tools & storage, while Robert Raff leads tools as acting EVP and president.
The sale encompasses pipeline services and equipment businesses, which generated combined revenues of approximately $140 million in 2021.
In addition to the leadership announcement, the company plans to invest up to $250 million in supply chain productivity.
The innovation division of Stanley Black & Decker said Michelle Bockman has been appointed president.
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