The New Britain-based toolmaker says it will use the net proceeds from the deal — approximately $1.57 billion after taxes and fees — to reduce its debt.
Stanley Black & Decker has completed the previously announced sale of its Consolidated Aerospace Manufacturing (CAM) business to Howmet Aerospace for approximately $1.8 billion in cash.
The New Britain-based toolmaker says it will use the net proceeds from the deal — approximately $1.57 billion after taxes and fees — to reduce its debt.
"The successful sale of CAM further focuses our portfolio on our core businesses,” said Chris Nelson, Stanley Black & Decker's president and CEO.
Stanley Black & Decker bought CAM in 2020 for around $1.5 billion. The unit provides fasteners, fittings and other engineered components for the aerospace and defense industries. It is based in Brea, California.
Howmet Aerospace is based in Pittsburgh, Pennsylvania. Its primary businesses focus on jet engine components, aerospace fastening systems and airframe structural components.
