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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