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Article: Stanley Works to sell its three steel-related businesses in the United States and Canada to Cold Metal Products Co. Inc.
- Article from:
- PR Newswire
- Article date:
- May 22, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW BRITAIN, Conn., May 22 /PRNewswire/ -- The Stanley Works (NYSE: SWK) announced today it has entered into an agreement to sell its three steel-related businesses in the United States and Canada to Cold Metal Products Co., Inc., Youngstown, Ohio.
Stanley President and Chief Executive Officer Richard H. Ayers said today that the formal trasfer will take place in late July, following the usual Hart-Scott-Rodino pre-merger notification. The sale will result in a small loss for Stanley, he said.
Ayers also noted that the sales of the two precision steel divisions and strapping systems business "is consistent with the current sharpening of Stanley's ...