Stanley Black & Decker announced this week that it has agreed to acquire the remaining 80% ownership stake in MTD Holdings Inc., the manufacturer of outdoor power equipment, including Cub Cadet and Troy-Bilt, for $1.6 billion in cash.

Stanley Black & Decker acquired a 20 percent stake in MTD in 2019.

Stanley Black & Decker's CEO James M. Loree said, "We have worked directly with MTD over the last 3 years and have been impressed with the quality of the management team, their talented employees and MTD’s relentless dedication to innovation in the outdoor space.

"The combination of businesses will create a global leader in the $25 billion and growing outdoor category, with strong brands and growth opportunities that align with two market trends driving our business - the consumer reconnection with the home and garden and electrification. We have clearly identified multiple levers to drive growth and margin expansion and are looking forward to welcoming MTD’s 7,500 employees to our Stanley Black & Decker family.”

MTD’s Chairman, CEO and President Robert T. Moll said, “My grandfather founded MTD nearly 90 years ago, and I’m as proud of our history as I am excited about our future with Stanley Black & Decker. Both companies are proven leaders in our respective industries with iconic brands, world class capabilities and a passion for bringing new and innovative products to our consumers. I know we are partnering with an organisation that will continue to deliver on our purpose of inspiring people to care for and enjoy the outdoors.”

MTD say over the past twleve moths they have generated $2.5 billion of revenue with the design, manufacture and distribution of lawn tractors, zero turn mowers, walk behind mowers, snow blowers, residential robotic mowers, handheld outdoor power equipment and garden tools for both residential and professional consumers under brands like Cub Cadet and Troy-Bilt.

MTD has manufacturing facilities in North America and Europe, and a global distribution network.