New Britain hand and power tools maker Stanley Black & Decker announced plans Wednesday to sell the majority of its mechanical security businesses to dormakaba for $725 million in cash.
The sale includes the commercial hardware brands of BEST Access, phi Precision and GMT, which together earned $270 million in revenues over the past 12-month period.
The company said it intends to retain its commercial electronic security and automatic doors businesses.
President and CEO James M. Loree said the divestiture will allow the company to pursue growth in a more focused way.
“While BEST Access, phi Precision and GMT are healthy and profitable businesses, they are a better fit in dormakaba’s portfolio,” he said.
The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions and regulatory approvals.
Stanley’s recently announced Newell Tools acquisition is expected to close during the first quarter of 2017.
