Stanley Black & Decker seeks buyers for mechanical locks business

Stanley Black & Decker Inc is looking for buyers for its mechanical locks business which could fetch the US power tools maker as much as $1 billion, Reuters yesterday reported, citing people familiar with the matter.

The move comes just three days after the Connecticut-based company struck a deal to buy Newell Brands Inc's tool business for $1.95 billion in cash. (See: Stanley Black & Decker to buy Newell Brands' tool business for $1.95 bn) Stanley Black & Decker, which is looking to divest non-core assets, has hired investment bank Goldman Sachs Group to assist in the sale of its mechanical locks business, the report said.

The locks business has 12-month earnings before interest, taxes, depreciation and amortization of around $70 million, the report added.

Mechanical Access Solutions, together with its Convergent Security Solutions, and Stanley Access Technologies, make up the Stanley Security Solutions platform.

The business provides integrated access control and security solutions for institutional, commercial, and industrial businesses and organisations.

Its products brands include Stanley, Best, Safemasters, K2, Precision, OmniLock, and Sargent & Greenleaf.