Stanley Black & Decker have entered into a definitive agreement to acquire International Equipment Solutions Attachments Group (IES Attachments) for $690 million in cash. Separately, the Company completed a $300 million share repurchase in July, bringing total share repurchases in 2018 to $500 million.
The purchased companies include Genesis, a manufacturer of boom arm attachments used for scrap processing, demolition, and material handling. The acquisition will be integrated with the Hydraulic Tools business within the Industrial segment.
IES Attachments is a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications, with leading brands such as Paladin, Genesis and Pengo. Approximately 60% of the $400 million in LTM revenue is related to aftermarket applications. The agreement excludes the IES cabs business sold under the Crenlo and other brand names.