DormaKaba to Acquire Certain Mechanical Security Businesses from Stanley Black & Decker
DormaKaba plans to acquire certain mechanical security businesses from Stanley Black & Decker for a total consideration of $725 million in cash. The transaction encompasses Stanley Commercial Hardware spanning mainly across North America and including a production facility in Taiwan; as well as GMT in China. 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," says Riet Cadonau, CEO of dormakaba. "Now with this unique strategic opportunity to acquire Stanley Commercial Hardware, we will add substantial scale, becoming a top-three provider in the attractive 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. Full operational integration is expected to take up to three years. Stanley Commercial Hardware employs around 1,000 staff and operates with three main brands, including the BEST brand.