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07/05/2022

Stanley Black & Decker completes sale of Access Technologies

Power tool maker sells its automatic doors segment to global security firm Allegion.
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Stanley Black & Decker storefront door

Stanley Black & Decker announced it has completed the previously announced sale of its automatic doors business,Access Technologies, to global security firm Allegion for $900 million in cash.

“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.