North American toolmaker Stanley Black & Decker has announced it is to acquire Consolidated Aerospace Manufacturing LLC (CAM) for up to US$1.5 billion.
CAM is a major supplier of Boeing Co and approximately US$200 million of the purchase price is contingent on Boeing obtaining certification for the still-grounded 737 MAX from the U.S. Federal Aviation Administration enabling it to return to service, and Boeing production figures for the beleaguered jet reaching an agreed level.
CAM makes fasteners and other components for the aerospace industry and is presently owned by the investment firm Tinicum. “Growing and diversifying our industrial business through M&A is a key priority for the company and a focus of our strategic capital deployment,” Stanley Black & Decker Chief Executive James Loree said in the statement.
