Stanley Black & Decker to sell oil & gas business
Stanley Black & Decker has signed a definitive agreement to sell its Stanley Oil & Gas business to Pipeline Technique Limited, a provider of solutions to the energy industry.
The pending sale 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 Don Allan, Stanley Black & Decker's president and CFO. "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."
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.
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