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    Connecticut’s Stanley Black & Decker exits volatile energy sector as it streamlines its business with another divestiture


    June 28, 2022 - Stephen Singer, Hartford Courant

     

      Stanley Black & Decker Inc. announced Tuesday the sale of its Stanley Oil & Gas segment, exiting the volatile energy sector as it continues to streamline its business.

      The New Britain tool manufacturer did not disclose the terms of the sale, but said it expects a charge of approximately $125 to $200 million related to the write-down of its Oil & Gas net assets.

      The pending sale of Stanley Oil & Gas includes pipeline services and equipment businesses CRC-Evans Pipeline International, Pipeline Induction Heat Ltd. and Stanley Inspection. The units generated revenue of about $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 Don Allan, president and chief financial officer.

      The “portfolio simplification” is intended to drive innovation, growth and profitability, he said. The transaction is subject to regulatory approval and other customary closing conditions.

      Stanley Oil & Gas provides pipeline services and equipment in more than 100 countries, offshore and onshore, delivering equipment and other resources for pipeline contractors.

      Stanley Black & Decker has announced it’s divesting its commercial electronic security and health care businesses and sold its mechanical locks business in 2019.

      At the same time, it’s building on its tools business and expanding the outdoor products category and Industrial segment in engineered fastening and infrastructure.

      Stephen Singer can be reached at ssinger@courant.com.

      ©2022 Hartford Courant. Visit courant.com. Distributed by Tribune Content Agency, LLC.

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