Stanley Works, New Britain, CT, has agreed to buy HSM Electronic Protection Services Inc. from private investors for $545 million in cash. The purchase will open a new business unit for Stanley, Stanley Convergent Security Solutions, which include its existing electronic access control and systems integration as well as commercial monitoring.
The new unit is expected to generate annual revenues of $600 million.
HSM, Lisle, IL, provides security alarm monitoring services and access control systems to commercial customers. It is the fourth largest electronic security company and second largest commercial monitoring company in North America.
Stanley Works also announced the formation of a new Stanley Mechanical Access Solutions business unit, which includes its existing commercial lock business, automatic doors and all hardware-related business activities. The unit has annual revenues of about $800 million.
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