United States. Allegion confirmed the signing of a definitive agreement to acquire Stanley Access Technologies and related assets in Stanley Black & Decker, Inc.'s automatic entry solutions business for $900 million in cash.
Access Technologies is a manufacturer, installer and service provider of automatic doors in North America, primarily in the United States and Canada. Its diversified customer base focuses on non-residential settings, including retail, healthcare, education, commercial offices, hospitality, and government. Access Technologies generated approximately $340 million in net sales in 2021.
As a result of this acquisition, Allegion will significantly expand its range of access, exit and access control solutions. In addition, Allegion will have exposure to high-growth segments through a large installed base, as well as the scale and coverage to better serve its commercial and institutional customers with auto-entry solutions and access technologies.
"We are excited to add the Access Technologies business to our portfolio of solutions," said David D. Petratis, President and Chief Executive Officer of Allegion. "With this acquisition, we will expand into an adjacent market segment and ultimately provide customers and end users with a more comprehensive offering for seamless access wherever they reside, work and thrive. 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. Access Technologies shares a strong track record of innovation and is a market leader in its category. We look forward to welcoming the team to the Allegion family and unlocking greater value for our customers and shareholders."
"Allegion has a proven track record of investing in its core business and driving innovation, which will deliver significant benefits for our business, employees and customers," said Brian Pertman, president and general manager of Access Technologies.
The acquisition, which has been unanimously approved by Allegion's Board of Directors, is expected to close in the third quarter of 2022, subject to regulatory approval and customary closing conditions.
Following the closing of the acquisition, Allegion expects to operate the Access Technologies business as part of the Allegion Americas segment.
