Allegion pays about 2.4x annual revenue for Stanley Black & Decker unit Access Technologies

0
24

Allegion Plc ALLE, +2.16% said Friday it agreed to buy Access Technologies LLC from Stanley Black & Decker Inc. SWK, -1.91% for $810 million. The price values the manufacturer, installer and service provider of automatic doors in North America at about 2.4 times its $340 million annual revenue. Allegion said it’s received committed financing from Goldman Sachs & Co. LLC, a unit of Goldman Sachs Group Inc. GS, -4.35%. Separately, Allegion said it expects to report first-quarter earnings of $1.05 a share and adjusted earnings of $1.07 a share, with revenue of $723 million. Analysts currently expect Allegion to earn 96 cents a share on revenue of $692.2 million. Shares of Allegion are down 15.4% so far in 2022 compared to a drop of 7.8% by the S&P 500 SPX, -2.77%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: ‘Travel has rebounded far quicker than analysts expected’: Passengers cheered the end of masks on flights, but they won’t be cheering these prices
Next article: Why you should retire with more money than you need

LEAVE A REPLY

Please enter your comment!
Please enter your name here