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.
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