Stanley Black & Decker have announced that it has successfully completed the acquisition of two outdoor power equipment companies.
The moves include purchasing the remaining 80 percent ownership stake in MTD Holdings Inc and the acquisition of Excel Industries. These transactions, say Stanley Black & Decker, means they have positioned themselves as the " . .fastest growing provider of cordless electric outdoor power equipment."
Stanley Black & Decker's CEO, James M. Loree said, "The combination of these two high-quality, complementary businesses with our existing outdoor business creates a powerful growth engine with approximately $4 billion in annual revenue across the $25 billion-plus outdoor power equipment industry.
"These transactions will be accretive to our 2022 earnings and have the potential of further margin expansion as we integrate these great businesses. Combined, this is a platform well positioned for growth and to lead the electrification of outdoor products with a strong portfolio of iconic brands, industry-leading innovation and extensive engineering and manufacturing capabilities. In addition, the acquisitions add deep customer relationships in retail and more than 2,500 independent equipment dealer outlets serving the professional category.
"We welcome the 8,100 associates from MTD and Excel to Stanley Black & Decker and look forward to a seamless integration process."
The purchase price for the two transactions totalled $1.9 billion inclusive of standard purchase price adjustments.