Stanley Black & Decker to sell automatic doors business for $900 mln

Stabilis Solutions

22/04/2022 13:20

** Tools maker Stanley Black & Decker  SWK.N  to sell its 
Access Technologies unit for $900 mln in cash Allegion plc
 ALLE.N 
    ** Access Technologies, which manufactures automatic doors,
generated ~$340 mln in net sales in 2021 
    ** Net proceeds from the sale are expected to be used to
fund Stanley Black & Decker's previously announced share
repurchase program as well as debt reduction  urn:newsml:reuters.com:*:nPnc73BZ3a 
    ** Allegion, a security services provider, intends to
finance the transaction through a combination of cash,
borrowings under existing revolving credit facility and new debt
financing
    ** Shares of SWK and ALLE are largely flat premarket
    ** SWK down 23.5% this year, while ALLE has fallen 15.4%

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))