“The successful completion of the divestiture of our Access Technologies business at a compelling valuation reflects our commitment to create a more focused company, centered around our global leadership position in tools and outdoor as well as our highly engineered Industrial business,” said Don Allan, president and CEO of Stanley Black & Decker.
Access Technologies patented the first hands-free door operator in 1931 and grew to become an industry leader providing state-of-the-art and fully integrated automatic door solutions, said the company.
Access Technologies generated approximately $340 million in revenue in 2021 at a mid-teen adjusted EBITDA margin, said Stanley.
The after-tax proceeds will support debt reduction and partially funding the $2.3 billion share repurchase completed in the first quarter, said the company.
Allegion, founded in 1908 and headquartered in Ireland, is an American Irish-domiciled provider of security products for homes and businesses comprised of 31 global brands, including CISA, Interflex, LCN, Schlage and Von Duprin.
Headquartered in New Britain, Connecticut, Stanley Black & Decker, with more than 60,000 employees, is the world’s largest tool company operating nearly 50 manufacturing facilities across America and more than 100 worldwide.