Stanley Black & Decker To Divest Oil & Gas Business To Pipeline Technique

RTTNews | 947 days ago
Stocktwits
Stanley Black & Decker To Divest Oil & Gas Business To Pipeline Technique

(RTTNews) - Stanley Black & Decker (SWK) announced Tuesday it has signed a definitive agreement for the sale of its STANLEY Oil & Gas business to Pipeline Technique Ltd., a leading provider of solutions to the energy industry. The terms of the deal were not disclosed.

STANLEY Oil & 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 $140 million in 2021.

The proposed transaction further advances Stanley Black & Decker's portfolio transformation and strategic commitment to streamlining the company to focus on its core Tools & Outdoor and Industrial businesses.

Stanley Black & Decker expects to incur a pre-tax, non-cash charge of approximately $125 to $200 million related to the write-down of the Oil & Gas net assets, which will be excluded from adjusted earnings.

The results of the Oil & 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.

Tags: SWK
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CPSC Recalls: Gazebos, Mowers, Power Banks, Coffee Makers, Candles, Baby Loungers

CPSC Recalls: Gazebos, Mowers, Power Banks, Coffee Makers, Candles, Baby Loungers

The U.S. Consumer Product safety Commission or CPSC has announced recalls including BJ's gazebos, Stanley Black & Decker mowers, IKEA power banks, ALDI coffee makers, Trader Joe's candles, and certain baby loungers, citing various reasons. The recalls include BJ's Wholesale Club's' about 32,500 units of Berkley Jensen Gazebos citing injury risk; Stanley Black & Decker Inc.'s about 46,200 units...
RTTNews | 167 days ago
Stanley Black & Decker Appoints Patrick Hallinan As New CFO

Stanley Black & Decker Appoints Patrick Hallinan As New CFO

Stanley Black & Decker (SWK) announced Monday the appointment of Patrick Hallinan to Executive Vice President, Chief Financial Officer, effective April 6. Hallinan, who succeeds interim CFO Corbin Walburger, will report to Donald Allan Jr., President and CEO of Stanley Black & Decker.
RTTNews | 738 days ago
Thai Stock Market Poised To Open In The Green

Thai Stock Market Poised To Open In The Green

The Thai stock market has finished lower in back-to-back sessions, sinking more than 10 points or 0.7 percent along the way. The Stock Exchange of Thailand now sits just above the 1,335-point plateau and it's likely to find support on Friday.
RTTNews | 5h 52min ago
Japanese Market Slightly Higher

Japanese Market Slightly Higher

Adding to the gains in the previous two sessions, the Japanese market is slightly higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is staying well above the 39,500 level, as traders react positively to some upbeat domestic economic data, with retail sales exceeded expectations and unemployment rate dropping.
RTTNews | 5h 54min ago
Australian Market Significantly Higher

Australian Market Significantly Higher

The Australian stock market is significantly higher on Friday, extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,500 level, with gains across most sectors led by mining and technology stocks. Energy stocks are the only weak spot.
RTTNews | 6h 17min ago
Indonesia Bourse May Halt Its Slide On Friday

Indonesia Bourse May Halt Its Slide On Friday

The Indonesia stock market has moved lower in three straight sessions, dropping more than 180 points or 2.6 percent in that span. The Jakarta Composite Index now sits just above the 7,070-point plateau although it's due for support on Friday.
RTTNews | 6h 22min ago
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