Stanley Black & Decker has announced plans to buy the remaining 80% of MTD Holdings Inc.’s stock for $1.6 billion in cash after previously buying a 20% stake in 2019.
In addition to lawn tractors such as the Cub Cadet, MTD also makes push lawn mowers, snow blowers, robotic lawn mowers, outdoor power equipment and garden tools.
MTD employs 7,500 people and generated more than $2.5 billion in revenue in the past 12 months. Stanley Black & Decker has 56,000 employees in 60 countries around the world. The tool and storage manufacturing company posted $14.5 billion in revenue in 2020.
The companies expects the deal to close this year and anticipates the combined company will save $100 million in cumulative annual costs by 2025.
Stanley Black & Decker also announced that it has entered into a definitive agreement to acquire Excel Industries for $375 million in cash.
Excel is a designer and manufacturer of premium commercial and residential turf-care equipment under the distinct brands of Hustler Turf Equipment (Hustler) and BigDog Mower Co. (BigDog). With over $375 million of revenue forecasted in 2021, Excel serves approximately 1,400 active independent equipment dealer outlets that stock, sell and service Hustler and BigDog products in the United States and Canada. The Company is located in Hesston, Kan., and has approximately 600 employees. PSR
Michael Aistrup is Senior Analyst at Power Systems Research
