Stanley Black & Decker Inc Eyes Bid For Infastech-Reuters

Reuters reported that Stanley Black & Decker Inc is among potential bidders for private equity owned Infastech, a Singapore based industrial fastener maker. CVC Capital Partners and Standard Chartered's private equity arm have hired Bank of America and Goldman Sachs to sell the business after buying it for about $350 million-$400 million in 2010. Pan-Asia buyout fund Unitas Capital is among the other interested parties who have been working with banks to buy the company. Unitas was among three private equity bidders for the asset, known at that time as Acument Global Technologies, when it was last sold in mid-2010. Infastech sells fasteners to the electronics, automotive, construction and aerospace sectors, and has 2,200 global employees. The global private equity firm is selling a number of assets in Australia, where, facing a disastrous loss from its foray into media group Nine Entertainment, it has stopped doing deals altogether and is cutting staff.