Stanley Black and Decker Completes Acquisition of MTD Holdings and Excel Industries


Stanley Black and Decker Strengthens Portfolio with Acquisitions in Outdoor Power Equipment Industry

Stanley Black and Decker (“SBD”) announced today that it has successfully completed the acquisition of both MTD Holdings Inc. (“MTD”) and Excel Industries (“Excel”). Both MTD and Excel are industry leaders in the $25 billion+ outdoor power equipment market, and Stanley Black and Decker believes that these acquisitions will further establish itself as a U.S.-based global leader of the OPE industry.

The combined purchase price of the MTD and Excel acquisitions totals $1.9 billion inclusive of standard purchase price adjustments. Particularly, this full acquisition of MTD follows up SBD’s partial buy-in of the MTD family of lawn equipment in 2018 .

What Stanley Black and Decker Has To Say About It

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.

James M. Loree, CEO of Stanley Black and Decker

What Brands Come with the Acquisition?

MTD, founded in 1932 and based out of Valley City, Ohio, is best known for lawn mowers, snow blowers, trimmers, and outdoor power equipment geared toward both the residential and commercial markets. The MTD family of brands ranges from U.S.-based companies to brands based out of North America, the Pacific, the Middle East, and Europe. Each of these brands is backed by MTD’s network of sales, service, and support. These brands include:

  • Cub Cadet (produced and distributed globally)
  • Troy-Bilt (Americas)
  • Rover (Pacific)
  • Wolf-Garten (Europe)
  • Remington (Americas)
  • Yard Machines (Americas)
  • Columbia (Americas)
  • Robomow (Americas, Europe, and the Middle East)
  • MTD Genuine Parts

Excel Industries Acquisition

Stanley Black and Decker has also acquired Excel Industries, founded in and based out of Hesston, Kansas. Excel designs and manufactures residential and commercial turf equipment under these brands:


  • Hustler Turf Equipment
  • BigDog Mower Co.

Excel serves 1,400 active, independent equipment dealer outlets that stock, sell, and service Hustler and BigDog products in both the United States and Canada.

What This Could Mean for Shareholders (Stock Price Talk)

According to a statement from Stanley Black and Decker, “For 2022, the Company continues to expect these acquisitions to contribute approximately $0.50 of EPS accretion.  Stanley Black & Decker is incorporating $0.20 – $0.30 of deal related charges into its full-year 2021 GAAP earnings per share guidance as referenced in our October 28, 2021 earnings release and in an 8K filed on November 12, 2021. Accordingly, the Company is updating GAAP guidance to $9.70 – $10.05 (From $10.00 – $10.25).  There is no change to the full-year 2021 non-GAAP adjusted EPS guidance range of $10.70 – $10.90.”

These brands join Stanley Black and Decker’s lineup of popular brands, such as DeWalt , Craftsman , Lenox , Irwin , Black+Decker , and more .

For more information about the Stanley Black and Decker acquisition of MTD and Excel, click here .

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