Burton-upon-Trent's Doncasters Group has agreed to sell Nelson Fastener Systems business to Stanley Black & Decker Inc for approximately $440 million in cash.
The sale, which does not include Nelson’s automotive stud welding business, is expected to close later in the first quarter of 2018.
The move comes as Doncasters strives to drive growth in its business by focusing on its core specialised markets: Aerospace, Industrial Gas Turbine and Specialty Automotive. This transaction will enable Doncasters to pay down some existing debt as well as provide necessary capital to further invest in these markets and accelerate growth, it said.
Doncasters CEO David Smoot commented: “This is great news for the customers and workforce of both businesses as it supports growth. It also supports our strategy to transform Doncasters into a more agile business with great focus on the opportunities within its core markets.
“We are very excited for the future and look forward to building on Doncasters’ strong 240-year heritage as a leading engineering firm.”