Power tool maker Black & Decker said that the anti-trust waiting period has passed and it has received regulatory clearance to proceed with its purchase of the Tools Group from Pentair. The purchase will be approximately U.S. $775 million in cash.
The closing of the transaction is now anticipated to occur before the end of October. The Tools Group sales and operating profit for 2003 were $1.08 billion and $82 million, respectively.
The Tools Group includes the Porter-Cable, Delta, DeVilbiss Air Power, Oldham Saw, and FLEX businesses. Black & Decker said it expects to realize $65 million of annual cost savings by the end of 2007.
“We are pleased to have received regulatory clearance. By adding the Tools Group’s well-respected brands and products, we expand our offerings where we have had relatively low market share,” Nolan D. Archibald said, chairman and CEO of Black & Decker. “Further, we are enhancing our distribution network, particularly in the industrial and construction channel.”
to Daily News