New Britain tool manufacturer Stanley Black & Decker announced it has completed the sale of its attachment and handheld hydraulic tools business to a Swedish firm.
STANLEY Infrastructure, the company’s subsidiary tools attachment business, has been sold to Swedish company Epiroc AB for $760 million cash, Stanley announced. Epiroc AB is a manufacturer of infrastructure and mining equipment, according to information from the company.
The deal was originally announced in December, but still needed regulatory and other final approvals.
Stanley said it expects to use the sale proceeds to reduce its debt.
The sale comes as Stanley continues to be in the process of a major cost-cutting effort that aims to trim $2 billion over three years.
