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

Stabilis Solutions

22/04/2022 15:03

(Updates)
    ** Shares of Stanley Black & Decker  SWK.N  down 1.6% at
$142.02
    ** Tools maker SWK to sell its Access Technologies unit for
$900 mln in cash to security services co Allegion plc  ALLE.N 
    ** ALLE shares up 3.45% at $115.65
    ** 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 SWK's previously announced share repurchase program as well
as debt reduction  urn:newsml:reuters.com:*:nPnc73BZ3a 
    ** ALLE, a security services provider, intends to finance
the transaction through a combination of cash, borrowings under
existing revolving credit facility and new debt financing
    ** SWK down 23.5% this year, while ALLE has fallen 15.4%

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