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Stanley Black & Decker (NYSE: SWK), New Britain, CT, has acquired Houston, TX-based CRC-Evans International, a global supplier of specialized tools, equipment and services for the construction of oil and natural gas transmission pipelines, for $445 million in cash from a group of investors led by private equity firm, Natural Gas Partners.
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The acquisition expands the company's Infrastructure Solutions strategic growth platform. CRC-Evans had fiscal 2010 revenues of $250 million.
"CRC-Evans is a highly profitable growth-oriented company with outstanding value propositions and strong customer relationships. As we continue our strategy to diversify outside of CDIY and Industrial tools, we see this acquisition as an important step in building our Infrastructure Solutions business through acquisitions," said John F. Lundgren, Stanley Black & Decker president and CEO.
The acquisition of CRC-Evans will be immediately accretive to Stanley Black & Decker's earnings and will be over $0.10 accretive to earnings by year three. The acquisition will be funded with Stanley Black & Decker's existing sources of liquidity and will not increase the company's year-end debt levels.