Stanley Black & Decker makes Asian acquisition
Stanley Black & Decker has agreed to acquire Infastech, a global manufacturer and distributor of specialty engineered fastening technologies headquartered in Hong Kong, from CVC Capital Partners and Standard Chartered Private Equity Limited for $850 million in cash. The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to close in the fourth quarter of 2012.
With revenues of approximately $500 million and more than 2,000 employees, Infastech is one of the world’s leading producers of engineered mechanical fasteners and one of the largest Asia‐based global players in the specialty mechanical fastener market, according to the press release announcing the deal.
More than half of Infastech’s 2011 revenues were generated in the Asia-Pacific region and once combined with Emhart, Stanley Black & Decker’s engineered fastening platform, the enlarged business will generate close to 40% of its revenues from this high growth region.
“Infastech is both a highly accretive acquisition and a perfect strategic fit for Stanley Black and Decker. It adds to our strong positioning in specialty engineered fastening,” said John F. Lundgren, president and CEO of Stanley Black & Decker.