Action Investments Limited: Stanley Black & Decker sells infrastructure to concentrate

Stanley Black & Decker Inc. (SWK) stated on Friday that it is selling its attachment and handheld hydraulic tool businesses to Sweden-based mining equipment company Epiroc AB in order to focus more on its main line of products.
SHEUNG WAN, Hong Kong - Dec. 18, 2023 - PRLog -- The toolmaker stated that it will pay $760 million in cash for the subsidiary, known as Stanley Infrastructure, and that the funds will be used to decrease debt.

CEO Donald Allan Jr. stated that the decision "demonstrates our commitment to maximizing shareholder value through active portfolio management." "Simplification" is a major tenet of Stanley's strategy transformation, he adds, "and this transaction will help further sharpen our focus on value creation opportunities in our core businesses while supporting our capital allocation priorities."

The firm did not specify an estimated completion date for the transaction. The division will stay operational and will not be categorized as discontinued operations until the transaction is completed, according to the company. According to Stanley, the transaction will result in a pretax, non-cash charge of $100 million to $150 million for asset write-downs.

Stanley Black & Decker shares were down 2.78% at $98.67 on Friday afternoon, although they've gained a third of their worth this year.

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