New Britain tool manufacturer Stanley Black & Decker announced it is selling its attachment and handheld hydraulic tools business to a Swedish firm.
STANLEY Infrastructure, the company’s subsidiary tools attachment business, is being 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.
Stanley said the two companies have entered into a definitive agreement for the sale, which is still subject to regulatory approvals and certain closing conditions.
Stanley said it expects to use the sale proceeds to reduce its debt, the company said.
“The sale of Infrastructure demonstrates our commitment to maximizing shareholder value through active portfolio management,” said Donald Allan Jr., Stanley Black & Decker’s president & CEO. “Simplification is a core tenet of our strategic transformation, and this transaction will help further sharpen our focus on value creation opportunities in our core businesses while supporting our capital allocation priorities.”
