Posted July 30, 2010
Stanley Black & Decker buys CRC-Evans
Stanley Black & Decker has acquired CRC-Evans International, a global supplier of specialized tools, equipment and services for constructing oil and natural gas transmission pipelines.
The giant toolmaker paid $445 million in cash to a group of investors led by private equity firm, Natural Gas Partners.
Stanley Black & Decker said the acquisition would enable it to capitalize on favorable end-market trends in the oil and gas infrastructure area. CRC-Evans is notable for its comprehensive product offerings and proprietary technologies as well as its strong and established management team.
"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 president and CEO, John F. Lundgren. "We have been impressed with this business since our initial discussions began over a year ago and are very pleased that CRC-Evans' experienced and well-respected management team will play a significant ongoing role as we bring to bear the company's resources to support its future growth."
