WASHINGTON (dpa-AFX) - Stanley Black & Decker (SWK) announced it has entered into a definitive agreement to sell STANLEY Infrastructure, the company's attachment and handheld hydraulic tools business, to Epiroc AB for $760 million. Stanley Black & Decker plans to utilize the cash proceeds to reduce debt.
STANLEY Infrastructure designs, manufactures, and sells attachments, typically used on excavators, and handheld hydraulic and battery-powered tools. Its brands include LaBounty, Paladin, Pengo and Dubuis.
Stanley Black & Decker noted that it expects to incur a pre-tax, non-cash charge of approximately $100 to $150 million related to the write-down of the Infrastructure net assets, which will be excluded from adjusted earnings.
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