Doncasters Agrees to Sell Nelson Fastener Systems to Stanley Black & Decker
24 Jan, 2018, 13:41 GMT
BURTON-UPON-TRENT, England, Jan. 24, 2018 /PRNewswire/ -- Doncasters Group has reached an agreement to sell its Nelson Fastener Systems business to Stanley Black & Decker Inc for approximately $440 million in cash. The sale, which does not include Nelson's automotive stud welding business, is expected to close later in the first quarter of 2018.
The sale is part of Doncasters' efforts to drive growth in its business by focusing on its core specialised markets: Aerospace, Industrial Gas Turbine and Specialty Automotive. This transaction will enable Doncasters to pay down some existing debt as well as provide necessary capital to further invest in these markets and accelerate growth.
David Smoot, Doncasters CEO commented: "This is great news for the customers and workforce of both businesses as it supports growth. It also supports our strategy to transform Doncasters into a more agile business with great focus on the opportunities within its core markets.
"We are very excited for the future and look forward to building on Doncasters' strong 240-year heritage as a leading engineering firm."
Editor's notes:
The Doncasters Group is a leading international manufacturer of high-precision alloy components which are designed to operate in the most demanding of conditions.
With over 240 years of experience, this fast-moving group is constantly developing its broad range of products and processes to best serve the aerospace, industrial gas turbine and specialist automotive markets. Core areas of expertise include precision casting, forging, fabrication, machining and the production of superalloys.
For information about products and career opportunities go to: www.doncasters.com
For further information on this release please contact:
Mark Semer / Nathan Riggs / Daniel Yunger
Kekst
(212) 521-4800
mark.semer@kekst.com
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SOURCE Doncasters Group