Stanley completes sale of CAM business to Howmet for $1.8B

Stanley Black & Decker has announced that it has completed the previously announced sale of its Consolidated Aerospace Manufacturing business to Howmet Aerospace for approximately USD 1.8 billion in cash. 

Stanley Black & Decker expects to utilize the net proceeds from the transaction of approximately USD 1.57 billion (net of taxes and fees) to reduce debt, according to a press release. 

“The successful sale of CAM further focuses our portfolio on our core businesses. The proceeds from this transaction are expected to significantly reduce our debt, positioning us to achieve our target leverage ratio of at or around 2.5 times net debt to adjusted EBITDA by year end, and enabling additional capital allocation opportunities,” said Chris Nelson, Stanley Black & Decker’s President & CEO. “We remain committed to disciplined capital allocation and accelerating value creation for our shareholders. “We would also like to recognize the CAM team for their dedication and outstanding contributions, which have been instrumental to our business success.”

Founded in 1843 and headquartered in the US, Stanley Black & Decker provides hand tools, power tools, outdoor products, and related accessories in the United States, Canada, Other Americas, Europe and Asia.