Stanley Black & Decker to sell locks business

NEW BRITAIN, Conn. — Stanley Black & Decker will sell the bulk of its door-lock operation to Swiss company Dormakaba Holding in a $725 million cash deal, according to Bloomberg. CEO James Loree said the sale of the business “will allow us to deploy capital in a more accretive and growth-oriented manner” and will make for a better fit in Dormakaba’s holdings. The deal includes only mechanical security brands: Stanley Black and Decker will retain ownership of its commercial electronic security and automatic door lines.