(Jul. 29) New Britain, Conn.-based Stanley Black & Decker announced it has acquired CRC-Evans, a global supplier of specialized tools, equipment and services for the construction of oil and natural gas transmission pipelines, for $445 million.

The company said the acquisition will further its portfolio diversification strategy and represents the first step in expanding its infrastructure solutions growth platform. The company said the acquisition will be immediately accretive to earnings.

"This is a financially and strategically compelling transaction for Stanley Black & Decker," said John Lundgren, president and CEO. "CRC-Evans is a highly profitable growth-oriented company with outstanding value propositions and strong customer relationships. We have been impressed with this business since our initial discussions began over a year ago and are very pleased that CRC-Evans' experienced and well-respected management team will play a significant ongoing role as we bring to bear the company's resources to support its future growth."