Stanley Black & Decker completes acquisitions of MTD, Excel Industries

Photo | HBJ File Stanley Black & Decker CEO James Loree.

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By Zachary Vasile

New Britain-based tools and hardware manufacturer Stanley Black & Decker has wrapped up its acquisitions of lawnmower maker MTD and turf care equipment firm Excel Industries.

In a statement, Stanley CEO James M. Loree said the buyouts will bring around 8,100 MTD and Excel employees into the company and add more than 2,500 independent equipment dealer outlets to its network.

“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,” Loree said. “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.”

The purchase price for the two transactions totaled $1.9 billion, inclusive of standard purchase price adjustments. Stanley had already owned 20% of MTD, and acquired the remaining 80%.

MTD, which has its headquarters in Valley City, Ohio, makes mowers, snow blowers, trimmers, and outdoor power equipment for both residential and commercial markets. Its brands include Cub Cadet, Troy-Bilt, Robomow, Rover and WOLF-Garten.

Kansas-based Excel designs and manufactures commercial and residential turf equipment under the brands Hustler Turf Equipment and BigDog Mower Co.