Stanley Black & Decker plans to buy the 80 percent of MTD Holdings that it doesn’t already own for $1.6 billion. Stanley bought 20 percent of the privately held manufacturer of Cub Cadet, Troy-Bilt and other outdoor power equipment brands for $234 million in 2019.

“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,” said Stanley Black & Decker CEO James M. Loree. “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 … are looking forward to welcoming MTD’s 7,500 employees to our Stanley Black & Decker family.”

MTD 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 … I know we are partnering with an organization that will continue to deliver on our purpose of inspiring people to care for and enjoy the outdoors.”

With more than $2.5 billion of revenue in the last twelve months, MTD designs, manufactures and distributes lawn tractors, zero-turn mowers, walk-behind mowers, snow blowers, residential robotic mowers, handheld outdoor power equipment and garden tools for residential and professional consumers. MTD has state-of-the-art manufacturing facilities in North America and Europe and a global distribution network.

Stanley expects to save $100 million per year by 2025 by eliminating redundancies between the two companies, and officials with both companies say they have plans to dramatically increase profitability in the coming years.

The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close in 2021.