New Britain-headquartered Stanley Black & Decker entered into an agreement to sell Access Technologies, its automatic doors business, to Dublin-based Allegion PLC for $900 million in cash, the company said.

The business generated approximately $340 million in revenue in 2021 for Stanley Black & Decker.

"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,” said James M. Loree, CEO of Stanley Black & Decker.

Net proceeds from the sale are expected to be used to fund Stanley Black & Decker’s stock repurchase program – the company says it could return approximately $4 billion in value to shareholders this year.

“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,” Loree said.

In February, Stanley Black & Decker – the largest tool company worldwide – received a top rating from Fitch in expectation of a substantial reduction in debt by year’s end.

The transaction is subject to regulatory approval.