Stanley Black & Decker to sell Stanley Infrastructure to Sweden's Epiroc for $760 million in cash

Stanley Black & Decker Inc.'s stock (SWK) rose 2% in premarket trade Friday, after the tool maker said it's selling Stanley Infrastructure to Epiroc AB (SE:EPI.A) in Sweden for $760 million in cash. Stanley Infrastructure is the company's attachment and handheld hydraulic tools business, which is expected to generate revenue of $450 million to $470 million in fiscal 2023. Proceeds of the deal will be used to pay down debt. The company expects to book a roughly $100 million to $150 million non-cash charge related to the write-down of infrastructure assets. The stock has gained 35% in the year to date, while the S&P 500 has gained 23%.

-Ciara Linnane

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12-15-23 0807ET

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