By Will Feuer

Stanley Black & Decker has agreed to sell its infrastructure unit, which makes tools and excavator attachments mostly used for infrastructure and construction projects, for $760 million.

Swedish mining-equipment-maker Epiroc has agreed to buy the business with cash. Stanley Black & Decker plans to use the proceeds to pay down debt.

"Simplification is a core tenet of our strategic transformation, and this transaction will help further sharpen our focus on value creation opportunities in our core businesses while supporting our capital allocation priorities," Stanley Black & Decker Chief Executive Donald Allan said.

Stanley Black & Decker expects to book a pre-tax, non-cash charge of about $100 million to $150 million.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 15, 2023 08:26 ET (13:26 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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