NEW BRITAIN, CT - Stanley Black & Decker announced that it has entered into a definitive agreement to acquire Consolidated Aerospace Manufacturing for up to $1.5 billion in cash.
Consolidated Aerospace Manufacturing, based in Brea, CA and under the control of Tinicum Corporation, designs and manufactures highly engineered and innovative hardware and fastener solutions for demanding aerospace applications worldwide.
Consolidated Aerospace Manufacturing's products include fasteners, fittings, couplings, latches, quick release pins, tubing subassemblies and other complex components and assembled products. The company was founded in 2012 and has consolidated eight businesses that each carry strong brands, industry leading technical expertise, deep customer relationships and over 40 years of history in providing industry-leading service and solutions to commercial aerospace and defense customers.
Tinicum is a private investment firm with more than 30 years of experience investing in private and public companies, holding its businesses for the long term.
"We have enjoyed tremendous support under the ownership of Tinicum, during which we invested heavily in upgrading the equipment and facilities of the businesses we integrated, in addition to strengthening our engineering and management resources,” said Peter George, CEO of CAM.
“The Tinicum partnership was a central part of the company's growth. We are extremely pleased to be taking this next step of joining Stanley Black & Decker. Being part of such a capable industrial company will enable us to further expand our company's resources globally, including accelerating the development of new products and pursuing acquisitions, allowing us to better serve the needs of our customers."
Stanley Black & Decker is a $14 billion revenue, purpose-driven industrial organization. With 58,000 employees in more than 60 countries, it operates the world's largest tools and storage business, the world's second largest commercial electronic security company, and a leading engineered fastening business as well, Stanley Engineered Fastening.
"With its well-recognized brands, proven business model and experienced management team, Consolidated Aerospace Manufacturing will play a significant role in the growth of our Industrial business and company overall,” said Stanley Industrial President John Wyatt.
Stanley said in its earnings release that $200 million of the purchase price will be held back and is contingent on the Boeing 737 MAX receiving FAA authorization to return to service and Boeing achieving certain production levels. Consolidated Aerospace Manufacturing will become part of Stanley Black & Decker's broad portfolio of engineered fastening & component solutions.