Stanley Black & Decker completes acquisitions of MTD Holdings and Excel Industries
Stanley Black & Decker (NYSE: SWK) has successfully completed the acquisition of two leading companies in the outdoor power equipment industry, including purchasing the remaining 80 percent ownership stake in MTD Holdings Inc and the acquisition of Excel Industries. These transactions establish Stanley Black & Decker as a U.S.-based global leader in outdoor products cordless electric outdoor power equipment with strong brands such as Dewalt, Craftsman and Black & Decker.
Stanley Black & Decker’s CEO, James M. Loree commented, “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 totaled $1.9 billion inclusive of standard purchase price adjustments.
MTD is known for award-winning lawn mowers, snow blowers, trimmers, and outdoor power equipment for both residential and commercial markets. The company was founded in 1932 and is headquartered in Valley City, Ohio.
Founded and based in Hesston, Kansas, Excel is a leading designer and manufacturer of premium commercial and residential turf equipment under the distinct brands of Hustler Turf Equipment and BigDog Mower Co.