Stanley Black and Decker to Sell Its Oil and Gas Business.
MANews-(C)2009-2022
US-based tool maker Stanley Black and Decker (NYSE: SWK) has signed a definitive agreement for the sale of its Stanley Oil and Gas business to Pipeline Technique Ltd., a provider of solutions to the energy industry, the company said.
The pending sale of Stanley Oil and Gas encompasses pipeline services and equipment businesses including CRC-Evans Pipeline International, Pipeline Induction Heat Ltd. and Stanley Inspection, which generated combined revenues of approximately USD 140m in 2021.
Stanley Black and Decker said it expects to incur a pre-tax, non-cash charge of approximately USD 125 to USD 200m related to the write-down of the Oil and Gas net assets, which will be excluded from adjusted earnings.
The results of the Oil and Gas business will remain in continuing operations and will not be reclassified as discontinued operations. The transaction is subject to regulatory approval and other customary closing conditions.
Stanley Oil and Gas provides...
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