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Stanley Black & Decker To Buy IES Attachments For $690 Mln In Cash

Stanley Black & Decker (SWK) said that it agreed to acquire International Equipment Solutions Attachments Group or IES Attachments for $690 million in cash. Separately, the Company completed a $300 million share repurchase in July, bringing total share repurchases in 2018 to $500 million.

The agreement excludes the IES cabs business sold under the Crenlo and other brand names.

IES Attachments is a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications, with leading brands such as Paladin, Genesis and Pengo. About 60% of the $400 million in LTM revenue is related to aftermarket applications.

The acquisition, which will be integrated with the Hydraulic Tools business within the Industrial segment, will be modestly accretive to Stanley Black & Decker's EPS in 2019, and accretive to earnings per share by about $0.25 - $0.30 by year three, excluding charges.

The transaction, which is subject to customary closing conditions, including receipt of required regulatory approvals, will be funded with available cash and proceeds from borrowings.

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