Howmet Aerospace Inc. entered into a definitive agreement to acquire Consolidated Aerospace Manufacturing, LLC from Stanley Black & Decker, Inc. for $1.8 billion.
Published on 12/22/2025
at 11:50 am EST - Modified on 12/21/2025
Howmet Aerospace Inc. (NYSE:HWM) entered into a definitive agreement to acquire Consolidated Aerospace Manufacturing, LLC from Stanley Black & Decker, Inc. (NYSE:SWK) for $1.8 billion on December 22, 2025. The cash purchase price of $1.805 billion is subject to customary adjustments. Upon closing the transaction, the Company expects to avoid earnings per share dilution and expects the after-tax proceeds to be in the range of $1.525 billion to $1.6 billion. Stanley Black & Decker expects to utilize the net cash proceeds of the transaction to reduce debt. The combination of synergies and the aforementioned tax benefit is expected to result in a FY 2026 adjusted EBITDA transaction multiple of approximately 13x.
Until the transaction closes, the results of CAM will remain in continuing operations and will not be reclassified as discontinued operations. The transaction is expected to close in the first half of 2026 and is subject to regulatory approval and other customary closing conditions.
J.P. Morgan Securities LLC is serving as financial advisor to Howmet Aerospace, and Kyle Harris, Glenn McGrory, Partners Brian Byrne, Puja Patel, Christopher Cook, Jackie Holland, Niamh Martyn, Giuseppe Scassellati-Sforzolini, John Messent, Vladimir Novak, Francesco Iodice, Craig Brod, Francesca Odell, Meme Peponis, Catherine Grimm, Nina Bell, Julia Petty, Daniel Ilan, Gabriela Landolfo, Beau Sterling, Meyer Fedida, Maureen Linch, Cindy Resnick, Chase Kaniecki, James Corsiglia of Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel. Evercore Inc. (NYSE:EVR) acted as financial advisor to Stanley Black & Decker, Inc. (NYSE:SWK).
Howmet Aerospace Inc. is a provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s segments include Engine Products, Fastening Systems, Engineered Structures and Forged Wheels. The Engine Products segment utilizes advanced designs and techniques to support engine programs and produces components for aircraft engines and industrial gas turbines. The Fastening Systems segment produces aerospace and industrial fastening systems, as well as commercial transportation fasteners and installation tools. The Engineered Structures segment produces titanium ingots and mill products for aerospace and defense applications and is vertically integrated to produce titanium forgings, extrusions, forming and machining services for airframe, wing, aero-engine, and landing gear components. The Forged Wheels segment manufactures forged aluminum wheels for trucks, buses, and trailers and related products for the global commercial transportation market.
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
Howmet Aerospace Inc. entered into a definitive agreement to acquire Consolidated Aerospace Manufacturing, LLC from Stanley Black & Decker, Inc. for $1.8 billion.
