jeff9366
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Stanley Black & Decker to acquire 20% stake in MTD Products for $234M
Stanley Black & Decker (NYSE:SWK) to acquire a 20% stake in MTD Products Inc. for $234M in cash.
As per the agreement, the company also has the option to acquire the remaining 80% of MTD beginning on July 1, 2021.
Stanley Black & Decker's President and CEO James M. Loree commented, "This investment in MTD increases our presence in the $20 billion global lawn and garden market in a financially and operationally prudent way. We have always viewed outdoor products as an attractive growth category for us to expand our presence beyond handheld electric products. This transaction gives us the opportunity to do that with a world class partner. MTD has a first-rate management team, talented employees and a mission, values and commitment to innovation that are very closely aligned with our own, and we are excited to move forward with them."
The transaction is expected to close in early 2019.
9/12/2018 6:52 AM
Stanley Black & Decker (NYSE:SWK) to acquire a 20% stake in MTD Products Inc. for $234M in cash.
As per the agreement, the company also has the option to acquire the remaining 80% of MTD beginning on July 1, 2021.
Stanley Black & Decker's President and CEO James M. Loree commented, "This investment in MTD increases our presence in the $20 billion global lawn and garden market in a financially and operationally prudent way. We have always viewed outdoor products as an attractive growth category for us to expand our presence beyond handheld electric products. This transaction gives us the opportunity to do that with a world class partner. MTD has a first-rate management team, talented employees and a mission, values and commitment to innovation that are very closely aligned with our own, and we are excited to move forward with them."
The transaction is expected to close in early 2019.
9/12/2018 6:52 AM
