Stanley Black & Decker to sell Stanley Infrastructure to Sweden’s Epiroc for $760 million in cash

Stanley Black & Decker Inc.’s stock
SWK,
-1.97%
rose 2% in premarket trade Friday, after the tool maker said it’s selling Stanley Infrastructure to Epiroc AB
EPI.A,
+1.96%
in Sweden for $760 million in cash. Stanley Infrastructure is the company’s attachment and handheld hydraulic tools business, which is expected to produce revenue of $450 million to $470 million in fiscal 2023. Proceeds of the deal will be used to pay down debt. The company expects to book a roughly $100 million to $150 million non-cash charge related to the write-down of infrastructure assets. The stock has gained 35% in the year to date, while the S&P 500
SPX,
+0.11%
has gained 23%.