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Stanley Black & Decker to Sell Oil & Gas Business
Time:2022-07-06
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The agreement includes its pipeline services and equipment businesses.

 

 

Stanley Black & Decker on Tuesday announced it has signed a definitive agreement for the sale of its Stanley Oil & Gas business to Pipeline Technique Limited, a leading provider of solutions to the energy industry.

 

The pending sale of Stanley Oil & Gas encompasses pipeline services and equipment businesses, including CRC-Evans Pipeline International, Pipeline Induction Heat Ltd. and Stanley Inspection, which generated combined revenues of approximately $140 million in 2021.

 

"The sale of our oil and gas business builds on our strategic commitment to streamlining our company to focus on our core Tools & Outdoor and Industrial businesses," said Stanley Black & Decker President and CFO Don Allan. "The portfolio simplification is designed to leverage our leadership positions to drive innovation, organic growth and margin expansion, as well as generate significant  long-term value for our shareholders. On behalf of the entire Stanley Black & Decker organization, I want to thank our Stanley Oil & Gas team members for their valuable contributions over the years."

 

Stanley Black & Decker expects to incur a pre-tax, non-cash charge of approximately $125 to $200 million related to the write-down of the Oil & Gas net assets, which will be excluded from adjusted earnings. The results of the Oil & Gas business will remain in continuing operations and will not be reclassified as discontinued operations. The transaction is subject to regulatory approval and other customary closing conditions.

 

Source: Industrial Distribution

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