Stanley Black & Decker announced it has signed a definitive agreement for the sale of its STANLEY Oil & Gas business to Pipeline Technique Limited as part of a strategy to focus on its tools and industrial segments.
The pending sale 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 transaction is subject to regulatory approval and other customary closing conditions.
Don Allan, Stanley Black & Decker's President & CFO, stated, "The sale of our oil and gas business builds on our strategic commitment to streamlining our company to focus on our core Tools & Outdoor and Industrial businesses. The portfolio simplification is designed to leverage our leadership positions to drive innovation, organic growth and margin expansion, as well as generate significant long-term value for our shareholders. On behalf of the entire Stanley Black & Decker organization, I want to thank our STANLEY Oil & Gas team members for their valuable contributions over the years."