NEW BRITAIN, Conn., July 18 (UPI) -- Connecticut's Stanley Works said Monday it offered to pay $494 million in cash for Facom Tools from Europe's Fimalac.
If approved by Facom, its unions and European regulators, the deal would nearly double Stanley's European business. It is expected to close by year's end.
"By almost doubling the size of our European operations, we will have greater scale, which should enhance the profitability of the combined enterprise," said Stanley Chief Executive Officer John Lundgren.
"Both Facom's senior management and our European team have demonstrated the ability to create economic value. The retention of key members of both teams is a major positive that gives us a high level of confidence that targeted benefits will be realized."
Facom, a leading European manufacturer of hand tools and mechanics tools, and has been producing tools for more than 85 years.
