Stanley Black & Decker (NYSE: SWK) has entered into a definitive agreement to acquire International Equipment Solutions Attachments Group (IES Attachments) for $690 million in cash. The purchased companies includes Genesis, A Superior manufacturer of boom arm attachments that are used for scrap processing, demolition and material handling.

"The acquisition of IES Attachments further diversifies our presence in the Industrial markets, creates an additional well-defined path for continued profitable growth and delivers compelling cash flow returns,” Stanley Black & Decker's President and CEO James M. Loree said in a prepared statement. The seller, a private equity firm, has owned IES since 2011.  

Stanley, a S&P 500 company, already owns a key competitor – Stanley Black & Decker/LaBounty in Two Harbors. Ironically, Genesis was launched by former LaBounty executives.

The acquisition, which will be integrated with the Hydraulic Tools business within the Industrial segment, will be modestly accretive to Stanley Black & Decker's earnings in 2019, the company said, and accretive to EPS by approximately 25-30 cents by year three, excluding charges.