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New Britain toolmaker Stanley Black & Decker said Friday it has reached an agreement to sell its automatic doors business Access Technologies to a European security products provider for $900 million.
The buyer is Dublin-based Allegion, which has agreed to pay the purchase price in cash.
Access Technologies, which has a manufacturing facility in Farmington, makes, installs and services automatic doors. The company generated about $340 million in net sales in 2021, according to Allegion.
Stanley Black & Decker CEO James M. Loree said net proceeds from the sale will be used to fund a previously announced share repurchase program as well as debt reduction.
"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,” he said.
This represents the second major sale Stanley has announced in recent months. In December, Stanley Black & Decker said it would sell its commercial electronic and healthcare security business lines to Securitas AB for $3.2 billion to help fund a $4 billion share repurchase program.
The Access Technologies deal is subject to regulatory approval and some closing conditions but is expected to close in the third quarter of 2022, the companies said.
After the closing, Access Technologies will operate as part of Allegion's Americas division. Stanley's stock price was down less than 1% Friday morning, trading at $143.48 as of 10:33.
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