Stanley Black & Decker To Divest Oil & Gas Business To Pipeline Technique

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Stocktwits
Stanley Black & Decker To Divest Oil & Gas Business To Pipeline Technique

(RTTNews) - Stanley Black & Decker (SWK) announced Tuesday it has signed a definitive agreement for the sale of its STANLEY Oil & Gas business to Pipeline Technique Ltd., a leading provider of solutions to the energy industry. The terms of the deal were not disclosed.

STANLEY Oil & Gas encompasses pipeline services and equipment businesses including CRC-Evans Pipeline International, Pipeline Induction Heat Ltd. and STANLEY Inspection, which generated combined revenues of approximately $140 million in 2021.

The proposed transaction further advances Stanley Black & Decker's portfolio transformation and strategic commitment to streamlining the company to focus on its core Tools & Outdoor and Industrial businesses.

Stanley Black & Decker expects to incur a pre-tax, non-cash charge of approximately $125 to $200 million related to the write-down of the Oil & Gas net assets, which will be excluded from adjusted earnings.

The results of the Oil & Gas business will remain in continuing operations and will not be reclassified as discontinued operations. The transaction is subject to regulatory approval and other customary closing conditions.

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CPSC Recalls: Gazebos, Mowers, Power Banks, Coffee Makers, Candles, Baby Loungers

CPSC Recalls: Gazebos, Mowers, Power Banks, Coffee Makers, Candles, Baby Loungers

The U.S. Consumer Product safety Commission or CPSC has announced recalls including BJ's gazebos, Stanley Black & Decker mowers, IKEA power banks, ALDI coffee makers, Trader Joe's candles, and certain baby loungers, citing various reasons. The recalls include BJ's Wholesale Club's' about 32,500 units of Berkley Jensen Gazebos citing injury risk; Stanley Black & Decker Inc.'s about 46,200 units...
RTTNews | il y a 314
Stanley Black & Decker Appoints Patrick Hallinan As New CFO

Stanley Black & Decker Appoints Patrick Hallinan As New CFO

Stanley Black & Decker (SWK) announced Monday the appointment of Patrick Hallinan to Executive Vice President, Chief Financial Officer, effective April 6. Hallinan, who succeeds interim CFO Corbin Walburger, will report to Donald Allan Jr., President and CEO of Stanley Black & Decker.
RTTNews | il y a 885
Canadian Market Up Firmly In Positive Territory

Canadian Market Up Firmly In Positive Territory

The Canadian market remains firmly placed in positive territory Thursday afternoon, supported by gains in materials, industrials and financials sectors. The mood is a bit positive thanks to Chinese stimulus hopes and firm metal prices.
RTTNews | il y a 44 minutes
Swiss Market Fails To Hold Early Gains, Settles Flat

Swiss Market Fails To Hold Early Gains, Settles Flat

Despite staying positive till more than a couple of hours past noon, the Switzerland market ended flat on Thursday, with stocks suffering a mild setback in late afternoon trade. The mood was a bit cautious with investors looking for directional clues.
RTTNews | il y a 1h 4min
European Stocks Close Mostly Higher

European Stocks Close Mostly Higher

European stocks closed higher on Thursday, reacting to the positive developments on the geopolitical front amid easing tensions between Israel and Iran, and on news about NATO increasing its defense spending target from 2% to 5% of GDP over the next ten years.
RTTNews | il y a 1h 23min
U.S. Pending Home Sales Unexpectedly Rebound In May

U.S. Pending Home Sales Unexpectedly Rebound In May

The National Association of Realtors released a report on Thursday showing an unexpected rebound by pending home sales in the U.S. in the month of May. NAR said its pending home sales index jumped by 1.8 percent to 72.6 in May after tumbling by 6.1 percent to a revised 71.3 in April.
RTTNews | il y a 4h 32min
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