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