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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.

Bill began his radio journey on Long Island, followed by stops in Schenectady, Bridgeport, Boston and New York City. He’s glad to be back on the air in Fairfield County, where he has lived with his wife and two sons for more than 20 years.