Allegion announced it has signed a definitive agreement to acquire Stanley Access Technologies and assets related to the automatic entrance solutions business from Stanley Black & Decker for US$900 million in cash. When adjusted for approximately $90 million in tax benefits, the purchase price is $810 million on a cash-free, debt-free basis.
Access Technologies is a manufacturer, installer and service provider of automatic doors in North America. Its customer base includes retail, health care, education, commercial offices, hospitality and government. Access Technologies generated approximately US$340 million in net sales in 2021.
According to Allegion, the acquisition will significantly expand its access control solutions portfolio and enable the company to better serve its commercial and institutional customers.
“Combining Access Technologies’ high-quality products and services with our ability to deliver value through access will significantly expand our core business and accelerate growth,” said David D. Petratis, Allegion chairman, president and CEO, in a company statement.
“As a global industry leader in access technology and security, Allegion will provide our business with incredibly strong new end user, architectural and specification relationships and distribution networks, as well as additional resources to take our business to the next level,” added Brian Pertman, Access Technologies’ president and general manager.
The acquisition, which has been unanimously approved by Allegion’s Board of Directors, is expected to close in the third quarter of 2022, subject to regulatory approval and customary closing conditions.
Following the close of the acquisition, Allegion said it expects to operate the Access Technologies business as part of the Allegion Americas segment.
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