NEW BRITAIN, Conn. (AP) — Tool maker Stanley Black & Decker Inc. is selling its hardware and home improvement business to Spectrum Brands Holdings Inc. for $1.4 billion in cash.

The hardware and home improvement unit makes locksets, hardware and faucets for residential use and includes brands such as Pfister, Baldwin and Kwikset.

The deal also includes certain assets of Taiwan's Tong Lung Metal Industry Co., which makes residential and commercial locksets.

Spectrum said Tuesday that the acquisition will broaden its product offerings which include the Rayovac, Remington and Toastmaster brands.

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. The Tong Lung buyout is anticipated to close in the second quarter.