Stanley Black & Decker acquires IES Attachments
Stanley Black & Decker is acquiring International Equipment Solutions Attachments Group (IES Attachments) in a $690 million in cash deal.
IES Attachments manufactures heavy equipment attachment tools for off-highway applications. The company’s brands include Paladin, Genesis, and Pengo. Approximately 60% of IES Attachment’s $400 million in revenue for the last 12 months is related to aftermarket applications.
With the addition of IES Attachments, Stanley Black & Decker said it will “operate a broad portfolio of attachment solutions and a meaningful platform for continued organic and acquisitive growth.”
The agreement excludes the IES cabs business sold under the Crenlo brand and other brand names.
"The acquisition of IES Attachments further diversifies our presence in the Industrial markets, creates an additional well-defined path for continued profitable growth and delivers compelling cash flow returns,” said James Loree, Stanley Black & Decker president and CEO.
The acquisition, which will be integrated with Stanley Black & Decker’s hydraulic tools business within the industrial segment, the company said.
Separately, the New Britain, Conn.-based tool manufacturer reported that it completed a $300 million share repurchase last month, bringing total share repurchases in 2018 to $500 million.
This past July, Stanley Black & Decker reported second quarter 2018 sales of $3.6 billion, rising 11% from sales of $3.3 billion in the second quarter 2017.
IES Attachments manufactures heavy equipment attachment tools for off-highway applications. The company’s brands include Paladin, Genesis, and Pengo. Approximately 60% of IES Attachment’s $400 million in revenue for the last 12 months is related to aftermarket applications.
With the addition of IES Attachments, Stanley Black & Decker said it will “operate a broad portfolio of attachment solutions and a meaningful platform for continued organic and acquisitive growth.”
The agreement excludes the IES cabs business sold under the Crenlo brand and other brand names.
"The acquisition of IES Attachments further diversifies our presence in the Industrial markets, creates an additional well-defined path for continued profitable growth and delivers compelling cash flow returns,” said James Loree, Stanley Black & Decker president and CEO.
The acquisition, which will be integrated with Stanley Black & Decker’s hydraulic tools business within the industrial segment, the company said.
Separately, the New Britain, Conn.-based tool manufacturer reported that it completed a $300 million share repurchase last month, bringing total share repurchases in 2018 to $500 million.
This past July, Stanley Black & Decker reported second quarter 2018 sales of $3.6 billion, rising 11% from sales of $3.3 billion in the second quarter 2017.