Stanley Black & Decker To Acquire Infastech
Posted on: 25 July 2012
Stanley Black & Decker (NYSE: SWK), an S&P 500 global diversified industrial company, announced today that it has entered into a definitive agreement to acquire Infastech, a leading global manufacturer and distributor of specialty engineered fastening technologies headquartered in Hong Kong, from CVC Capital Partners and Standard Chartered Private Equity Limited for USD$850 million in cash.
With revenues of approximately USD$500 million and more than 2,000 employees, Infastech is one of the world's leading producers of engineered mechanical fasteners and one of the largest Asia‐based global players in the specialty mechanical fastener market. Infastech designs, manufactures and distributes highly‐engineered fastening technologies and applications for a diverse blue-chip customer base in the industrial, electronics, automotive, construction and aerospace end markets.
President and Chief Executive Officer John F. Lundgren commented, "Infastech is both a highly accretive acquisition and a perfect strategic fit for Stanley Black and Decker. It adds to our strong positioning in specialty engineered fastening, an industry which has solid growth prospects particularly in the global electronics, industrial and automotive end markets, and will further expand our global footprint with its strong concentration in fast-growing emerging markets.
“In addition, Infastech's diverse revenue base, strong margins, and solid financial track record make it a meaningful addition to our portfolio. Led by an experienced and well-respected management team, Infastech is an industry leader with a comprehensive product portfolio, reputation for excellence and longstanding relationships with leading end-market customers. It is an excellent complement to our current Emhart Teknologies engineered fastening business and will broaden our product offering while deepening our IP portfolio and R&D capabilities. Additionally, we see meaningful opportunities to generate significant cross-selling into new market segments and to implement our Stanley Fulfillment System within Infastech's operations throughout the integration process and beyond."