Dormakaba to acquire Stanley Black & Decker’s Mechanical Security businesses for $725 million
The transaction includes Stanley Commercial Hardware, spanning mainly across North America and including a production facility in Taiwan, as well as GMT in China, a provider of commercial hardware products primarily for the mid- and lower price point markets. Sargent and Greenleaf, a safe lock provider that also forms part of Stanley Black & Decker’s Mechanical Security business, is not included in the transaction.
“This transaction builds on the Dormakaba merger, which boosted our global market position, and the recently completed Mesker acquisition, which will expand our North America offering to cover all essential door components including manual doors,” said CEO Riet Cadonau. “Now with this unique strategic opportunity to acquire Stanley Commercial Hardware, we will add substantial scale, becoming a top-three provider in the North American market that can offer the full portfolio of door hardware and access control solutions to our customers.”
Subject to customary closing conditions, completion of the transaction is expected in the first quarter of 2017, the company states. Full operational integration is expected to take up to three years, starting with the carve-out process and integration of the back-end functions.
Stanley Commercial Hardware employs around 1,000 staff and operates with three main brands, including the “Best” brand.
The acquisition will also provide selected portfolio improvements such as master key systems and hinges as well as ANSI-certified products manufactured in Stanley’s Taiwan production facility, Dormakaba says.
See more on Dormakaba’s other acquisition news from earlier this fall, click HERE.