Stanley Works to Buy HSM for $545 Million
HSM Electronic Protection Services Inc., a provider of specialized commercial security systems, announced it would be acquired by toolmaker Stanley Works for $545 million in cash. The transaction, which is subject to regulatory approvals, is expected to close in early 2007.
Stanley Works, based in New Britain, Conn., says it has established a new business unit that combines HSM with its existing security operations.
HSM President and COO Tim Whall will join Stanley Works to help manage the new unit. Whall will report to Brett Bontrager, who currently serves as vice president of corporate business development for Stanley Works and will oversee the new business.
HSM CEO Jim Covert says the acquisition will provide for the continued growth of HSM as part of a major S&P 500 company. Covert partnered with an investment group to acquire Honeywell Security Monitoring from Honeywell Security for $315.5 million in May 2004. The new Stanley security unit is expected to generate revenue of $600 million annually, according to a company statement.
Stanley Works is reporting it also formed a new unit to handle its existing commercial lock business, automatic doors and all hardware-related business activities. Justin Boswell, who currently serves as president of the company’s existing security unit, will lead the new operation. That operation is expected to generate revenue of $800 million annually.
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