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Connecticut News

Connecticut-based Stanley Black and Decker to sell its security business

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Mark Lennihan
/
AP

Connecticut-based manufacturer Stanley Black and Decker has agreed to sell most of its security business to a Swedish company.

Securitas AB will pay $3.2 billion for Stanley's New Britain-headquartered Commercial Electronic and Health Care Security businesses.

Hearst Connecticut Media reports that the deal does not include Stanley Access Technologies, which employs most of the company’s Connecticut-based security employees.

The announcement was made just days after Stanley Black & Decker completed its acquisition of two lawn-care equipment makers.

The company said it plans to use nearly $3 billion in net proceeds from the sale of its security business for a $4 billion stock buyback plan in 2022.

The sale is expected to close in the first half of next year.