Stanley angles for Blick Plc
NEW BRITIAN, Conn. - Tool maker Stanley Works in mid-December proposed buying BritianÃ¢â‚¬â„¢s Blick Plc for $165 million in a deal that would give Stanley Works a presence in Europe.
BlickÃ¢â‚¬â„¢s board of directors have approved Stanley WorksÃ¢â‚¬â„¢ offer, with the deal expected to close during the first quarter of 2004.
If completed, the transaction advances Stanley WorksÃ¢â‚¬â„¢ plans to reposition its business portfolio, with a greater emphasis on the security and tool group. In 2002, the company bought Best Access Corp., a manufacturer of access control products with its own installation arm.
Blick makes security, communication and time management systems and reports annual sales of $120 million.