NEW BRITAIN, Conn.,
July 5, 2022 /PRNewswire/ --
Stanley Black & Decker
(NYSE: SWK) today announced it has completed the previously
announced sale of its automatic doors business, Access
Technologies, to Allegion plc (NYSE: ALLE) for $900 million in cash. The after-tax
proceeds will support debt reduction and partially funding the
$2.3 billion share repurchase
completed in the first quarter. This transaction was
announced on April 22,
2022.
Don Allan, Stanley Black & Decker's President &
CEO, commented, "The successful completion of the divestiture of
our Access Technologies business at a compelling valuation reflects
our commitment to create a more focused company, centered around
our global leadership position in Tools & Outdoor as well as
our highly engineered Industrial business."
Access Technologies generated approximately $340 million in revenue in 2021 at a mid-teen
adjusted EBITDA margin. Supplementary historical financial
information reflecting the Security divestiture recorded in
discontinued operations is available on the investor section of the
website or can be accessed directly through the following
link: Supplemental Historical Financial Information.
About Stanley Black & Decker
Headquartered in the USA,
Stanley Black & Decker (NYSE:
SWK) is the world's largest tool company operating nearly 50
manufacturing facilities across America and more than 100
worldwide. Guided by its purpose – for those who make the world –
the company's more than 60,000 diverse and high-performing
employees produce innovative, award-winning power tools, hand
tools, storage, digital tool solutions, lifestyle products, outdoor
products, engineered fasteners and other industrial equipment to
support the world's makers, creators, tradespeople and builders.
The Company's iconic brands include DEWALT, BLACK+DECKER,
CRAFTSMAN, STANLEY, Cub Cadet, Hustler and Troy-Bilt. Recognized
for its leadership in environmental, social and governance (ESG),
Stanley Black & Decker strives
to be a force for good in support of its communities, employees,
customers and other stakeholders. To learn more
visit: www.stanleyblackanddecker.com.
Investor Contacts:
Dennis Lange
Vice President, Investor Relations
dennis.lange@sbdinc.com
(860) 827-3833
Cort Kaufman
Senior Director, Investor Relations
cort.kaufman@sbdinc.com
(860) 515-2741
Media Contacts:
Debora Raymond
Vice President, Public Relations
debora.raymond@sbdinc.com
(203) 640-8054
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SOURCE Stanley Black &
Decker