Stanley Black & Decker to buy Infastech for $850 mn
24 July 2012
Power tools maker Stanley Black & Decker Inc yesterday agreed to buy privately held Infastech, a maker of engineered mechanical fasteners, for $850 million in cash from private equity firms CVC Capital Partners and Standard Chartered Private Equity Ltd.
Stanley Black & Decker outbid Unitas Capital Pte, Carlyle Group, Switzerland's SFS Holding AG and Nidec Corp and Japan's Minebea Co in the final round of bidding. ]
With revenues of approximately $500 million, Hong Kong-based Infastech is one of the world's leading producers of engineered mechanical fasteners and one of the largest Asia-based company in the market for speciality screws, rivets and bolts.
Infastech designs, manufactures and distributes highly-engineered fastening technologies and applications for a diverse blue-chip customer base in the industrial, electronics, automotive, construction and aerospace end markets to customers in more than 150 countries worldwide.
The company, which also supplies screws to Apple's iPhone and Research In Motion's BlackBerry smartphones, was acquired in 2010 by CVC Capital Partners and Standard Chartered Private Equity, for an undisclosed sum from Acument Global Technologies Inc, and renamed it Infastech.
Infastech operates and has engineering capabilities in Australia, China, Hong Kong, India, Japan, Malaysia, North & South America, Singapore, South Korea, Taiwan, Thailand, the UK and throughout Europe.