- Stanley Black & Decker, Inc. (NYSE:SWK) has agreed to sell its STANLEY Oil & Gas business to Pipeline Technique Limited, a provider of solutions to the energy industry. Deal terms were not disclosed.
- STANLEY Oil & Gas encompasses pipeline services and equipment businesses, including CRC-Evans Pipeline International, Pipeline Induction Heat Ltd., and STANLEY Inspection, which generated combined revenues of ~$140 million in FY21.
- "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," commented CFO Don Allan.
- SWK expects to incur a pre-tax, non-cash charge of ~$125 million to $200 million related to the write-down of the assets.
- Price Action: SWK shares are trading lower by 0.57% at $108.61 on the last check Tuesday.
