Jan 30, 2020

Black & Decker agrees to buy major Boeing supplier for $1.5 billion

Illustration: Aïda Amer/Axios

Stanley Black & Decker agreed to buy Consolidated Aerospace Manufacturing, a Fullerton, California-based aerospace parts maker, from private equity firm Tinicum for upwards of $1.5 billion.

Why it matters: CAM is a major supplier to Boeing, and around $200 million of the purchase price is contingent on the FAA authorizing the 737 MAX to return to service.

That's a pretty unusual sort of deal caveat, particularly given that CAM has no role on either side of the FAA's decision, and highlights how the MAX situation has negative impacts down the supply chain.

The bottom line: "Stanley Black & Decker has spent more than $10 billion on acquisitions in the last two decades, including the tools business of Newell Brands and the Craftsman brand of Sears... However, bulking up on tools has increased the company’s exposure to big-box retailers such as Home Depot and Lowe’s, which limits its bargaining power. The CAM deal would help it boost its engineered fastening and infrastructure business., writes Reuters' Joshua Franklin.

Go deeper: Boeing lost money in 2019 for the first time in 20 years

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Rashaan Ayesh, Sarah Grillo

14 mins ago - Politics & Policy

In photos: We've seen images like the protests in Minneapolis before

Photo: Kerem Yucel/AFP/MPI/Getty Images

The photos of protests around the country following the death of George Floyd during an encounter with Minneapolis police are hauntingly familiar. We’ve seen them many times before, going back decades.

Why it matters: "What is also unmistakable in the bitter protests in Minneapolis and around the country is the sense that the state is either complicit or incapable of effecting substantive change," Keeanga-Yamahtta Taylor, an assistant professor of African-American studies at Princeton University writes in the New York Times. The images that follow make all too clear how little has changed since the modern Civil Rights Movement began in the 1950s.

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Axios

Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 11 a.m. ET: 5,968,693— Total deaths: 365,796 — Total recoveries — 2,520,587 — Map.
U.S.: Total confirmed cases as of 11 a.m. ET: 1,749,846 — Total deaths: 102,900 — Total recoveries: 406,446 — Total tested: 16,099,515 — Map.
Economy: The future of mobility in the post-pandemic world — George Floyd's killing and economic calamity are both part of America's unfinished business.
Supreme Court: Chief Justice Roberts sides with liberals in denying challenge to California's pandemic worship rules.
Public health: Hydroxychloroquine prescription fills exploded in March.
2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.

Other resources (<1 min. read)

Axios

25 mins ago - Politics & Policy

The aftermath of George Floyd's death: Everything you need to know

A mural outside Cup Foods in Minneapolis, near where George Floyd was killed in an encouner with police. Photo: Steel Brooks/Anadolu Agency via Getty Images

Former Minneapolis police officer Derek Chauvin is in jail under $500,000 bail on charges of third-degree murder and manslaughter after a video of him kneeling on George Floyd's neck for more than eight minutes and Floyd's death catapulted the country's major cities into a state of protest.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

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