Houston, TX - July 30, 2010 - CRC-Evans Pipeline International has announced that CRC-Evans® has been acquired by Stanley Black & Decker (NYSE: SWK) for $445 million in cash.
Stanley Black & Decker and CRC-Evans are complementary international companies. The acquisition should enhance CRC-Evans' global growth strategy and its services to customers worldwide with best-in-class expertise, expanded infrastructure, equipment and services. R&D and technology leadership will continue to be emphasized, and Stanley Black and Decker's resources should enable CRC-Evans to achieve even higher performance standards.
"Our customers can expect that their relationships with CRC-Evans will not be interrupted," said CRC-Evans CEO Tim Carey. "It's business as usual. Our approach to the business will remain the same, and our operations will continue to be everything they expect - and more."
The acquisition of CRC-Evans is a significant step in Stanley Black & Decker's ongoing strategy to diversify its revenue base and build its Infrastructure Solutions growth platform through acquisitions. CRC-Evans will be an integral part of this platform.
CRC-Evans CEO Tim Carey adds, "Now we - and our customers - can look forward to a new chapter in the CRC-Evans story in concert with Stanley Black & Decker."