Transaction Advances Stanley Black & Decker's Portfolio
Transformation and Sharpens Strategic Focus on its Core
Businesses
NEW
BRITAIN, Conn., April 22,
2022 /PRNewswire/ -- Stanley Black & Decker (NYSE:
SWK) today announced it has signed a definitive agreement for
the sale of its automatic doors business, Access Technologies, to
Allegion plc (NYSE: ALLE) for $900
million in cash. The Access Technologies business
generated approximately $340 million
in revenue in 2021 at a mid-teen adjusted EBITDA margin.
James M. Loree, Stanley Black & Decker's CEO, stated, "The
sale of Access Technologies at an attractive valuation demonstrates
our commitment to maximizing value for our shareholders through
active portfolio management and will help fund our substantial
return of capital. With a more focused portfolio – comprised
of our Tools & Outdoor and Industrial segments – Stanley Black & Decker is positioned to
capitalize on compelling opportunities for multi-year growth,
margin expansion and long-term value creation for shareholders.
"On behalf of the entire Stanley
Black & Decker organization, I want to thank our Access
Technologies team members for their valuable contributions over the
years. Allegion is a leader in the industry and I am
confident the organization and the business are positioned for a
great future of growth and success under their ownership."
Access Technologies patented the first hands-free door operator
in 1931 and grew to become an industry leader providing
state-of-the-art and fully integrated automatic door solutions.
Access Technologies was the remaining piece of Stanley Black & Decker's Security segment
following the definitive agreement entered into in December 2021 to sell its Commercial Electronic
and Healthcare Security business lines to Securitas.
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. The Company's overall capital allocation strategy
reflects its commitment to generating substantial capital returns,
maintaining strong investment grade credit ratings and pursuing
opportunistic value-creating M&A.
The transaction is subject to regulatory approval and other
customary closing conditions. The Company expects to record
Access Technologies as discontinued operations when it reports
first quarter results on April 28,
2022.
About STANLEY Access Technologies
STANLEY Access Technologies invented the automatic door and
continues to lead the industry with state-of-the-art door solutions
— and with a passion for innovation and low total cost of
ownership. Today, the business manufactures, installs and services
sliding, swinging, folding, transit/metro and revolving door
systems, as well as an array of sensors, controls and security
options. Learn more at www.stanleyaccess.com.
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:
Shannon Lapierre
Chief Communications Officer
shannon.lapierre@sbdinc.com
(860) 259-7669
Debora Raymond
Vice President, Public Relations
debora.raymond@sbdinc.com
(203) 640-8054
Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Stanley
Black & Decker makes forward-looking statements in this press
release which represent its expectations or beliefs about future
events and financial performance. Forward-looking statements are
identifiable by words such as "believe," "anticipate," "expect,"
"intend," "plan," "will," "may" and other similar expressions. In
addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances are
forward-looking statements. Forward-looking statements made in this
press release, include, but are not limited to, statements
concerning: consummation of the Access Technologies sale
transaction; the company's ability to maximizing value for
shareholders through active portfolio management and the impact of
the transaction to fund substantial return of capital; the
Company's ability to capitalize on compelling opportunities for
multi-year growth, margin expansion and long-term value creation
for shareholders; ; and the Company's capital allocation strategy
and share repurchase program and the amount, timing and results in
terms of shareholder value therefrom.
You are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements are
not guarantees of future events and involve risks, uncertainties
and other known and unknown factors that may cause actual results
and performance to be materially different from any future results
or performance expressed or implied by such forward-looking
statements, including, but not limited to, the failure to
consummate, or a delay in the consummation of, the Access
Technologies sale transaction for various reasons; (including but
not limited to failure to receive, or delay in receiving, required
regulatory approvals and meet customary closing conditions); the
failure to undertake or complete, or a delay in the timing
of, the share repurchase program; and failure to realize the
expected benefits of the Company's capital allocation strategy and
share repurchase program.
Forward-looking statements made herein are also subject to risks
and uncertainties, described in: Stanley
Black & Decker's 2021 Annual Report on Form 10-K, its
subsequently filed Quarterly Reports on Form 10-Q; and other
filings Stanley Black & Decker
makes with the Securities and Exchange Commission. In addition,
actual results could differ materially from those suggested by the
forward-looking statements, and therefore you should not place
undue reliance on the forward-looking statements. Stanley Black & Decker makes no commitment
to revise or update any forward-looking statements to reflect
events or circumstances occurring or existing after the date of any
forward-looking statement.
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SOURCE Stanley Black &
Decker