New Britain toolmaker Stanley Black & Decker announced this week it has signed a definitive agreement to sell most of its security-related assets for $3.2 billion.
Stanley Black & Decker said it will sell its commercial electronic and healthcare security business lines to Securitas AB. Net proceeds from the sale are expected to be used to partially fund an approximately $4 billion share repurchase in 2022.
The security businesses Stanley is selling are expected to generate about $1.7 billion in revenue this year.
Both companies’ boards have already approved the deal, which is expected to close in the first half of 2022.Â
Stanley said the approximately $4 billion share repurchase program is expected to begin sometime next year with $2 billion to $2.5 billion expected to occur in the first quarter and the remainder completed over the summer.
