Ireland-based Allegion plc (NYSE: ALLE), which has its Americas regional headquarters in Carmel, has announced plans to acquire Stanley Access Technologies LLC in a cash deal valued at $900 million. Access Technologies is the automatic entrance solutions business of of Stanley Black & Decker Inc. (NYSE: SWK), headquartered in Connecticut.
Access Technologies manufactures, installs and services automatic doors for a variety of settings, including retail, healthcare, and commercial offices throughout North America. The company has a manufacturing facility in Hancock County.
“With this acquisition, we will expand in an adjacent market segment, ultimately providing customers and end users with a more comprehensive offering for seamless access wherever they reside, work and thrive,” David Petratis, chief executive officer of Allegion, said in written remarks. Combining Access Technologies’ high-quality products and services with our ability to deliver value through access will significantly expand our core business and accelerate growth.”
Allegion says Access Technologies generated about $340 million in net sales last year.
The acquisition has been approved by the Allegion Board of Directors and is expected to close in the third quarter, pending regulatory approval and customary closing conditions. When complete, Allegion says Access Technologies will join the Allegion Americas segment.