Industrial and consumer tools maker Stanley Black & Decker announced it will sell its attachment and handheld hydraulic tools business, Stanley Infrastructure, to Epiroc AB for $760 million in cash.

Stanley Infrastructure designs, manufactures and sells attachments typically used on excavators and handheld hydraulic and battery-powered tools for applications in infrastructure, construction, scrap recycling, demolition and railroad infrastructure. Its brands include LaBounty, Paladin, Pengo and Dubuis.

Epiroc AB is a Swedish manufacturer of mining and infrastructure equipment. It is based in Stockholm and has production facilities in Sweden, the U.S., Canada, Australia, China, India, Japan and Germany.

Stanley Black & Decker’s President and CEO Donald Allan Jr. called the sale of the business a “simplification” which will help the company sharpen its focus on its core businesses.

Infrastructure is expected to generate approximately $450 to $470 million in revenue with a mid-to-high teens adjusted EBITDA margin in FY2023, Stanley Black & Decker officials said in a Dec. 15 news release. The company expects to utilize the cash proceeds of the transaction, net of modest taxes, to reduce debt.