logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
SiriusXM launched a new subscription package exclusively for college students at a steep discount, just ahead of the fall semester. The satellite-radio giant introduced the "Student Premier" Package that provides students with all the content in SiriusXM's "Premier Streaming" package for $4 per month. This is a 69 percent discount from the regular price of $12.99 per month for Premier Streaming. Apple Inc. warned that its newly launched titanium Apple Card can be easily damaged if not stored properly. The company advised that the card must be kept away from fabrics like leather and denim as they can cause permanent discoloration. The tech giant has posted a support page that provides instructions to users on how to protect and maintain their Apple Card. Southwire Co. LLC recalled about 3000 units of Garvin pop-up electrical outlet floor box kits for concerns of fire hazard. The company said the electrical receptacles can overheat when in use. Southwire already received three reports of the floor boxes overheating. However, there have been no injuries reported so far.
Follow RTT