Industrial goods provider Stanley Black & Decker, Inc. (SWK) Wednesday announced the completion of the previously announced acquisition of Infastech, a manufacturer and distributor of specialty engineered fastening technologies, headquartered in Hong Kong, from CVC Capital Partners and Standard Chartered Private Equity Limited for $850 million in cash.
The company said it anticipates that the acquisition would be immediately accretive to earnings per share, with accretion of $0.20 per share in 2013 and $0.40 per share in 2015, excluding acquisition-related after-tax charges of approximately $30 million which is largely expected to be incurred in 2013. Also, the company continues to expect the transaction to result in annual cost savings of approximately $25 million by 2015.
Stanley Black & Decker further added, with the acquisition of Infastech, the engineered fastening platform is expected to be approximately $1.5 billion in annual revenues, in line with the its mid-decade revenue goal for the platform of $1 - $2 billion.
by RTT Staff Writer
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