New Britain-based Stanley Black & Decker Inc. is selling its oil and gas business, the company announced Tuesday morning.
The company said Stanley Oil & Gas, which includes its pipeline services and equipment business, will be sold to Pipeline Technique Limited.
The price of the sale wasn’t disclosed, but the business earned about $140 million last year, according to the announcement.
“The sale of our oil and gas business builds on our strategic commitment to streamlining our company to focus on our core tools and outdoor and Industrial businesses,” said Don Allan, Stanley Black & Decker’s president and CFO. “The portfolio simplification is designed to leverage our leadership positions to drive innovation, organic growth and margin expansion, as well as generate significant long-term value for our shareholders.”
Stanley Black & Decker has been selling other businesses over the past year, in part to fund a share repurchase program and reduce debt.
Stanley Black & Decker has been selling other businesses over the past year, in part to fund a share repurchase program and reduce debt.
In December, Stanley Black & Decker said it would sell its commercial electronic and healthcare security business lines to Securitas AB for $3.2 billion to help fund a $4 billion share repurchase program.
