September 12, 2018 / 11:01 AM / 2 months ago

Stanley Black & Decker to buy 20 pct stake in MTD for $234 mln

Sept 12 (Reuters) - Power tool maker Stanley Black & Decker Inc said on Wednesday it agreed to buy a 20 percent stake in privately held peer MTD Products Inc for $234 million.

The company will also have the option to buy the remaining 80 percent of MTD beginning on July 1, 2021.

MTD, which reported more than $2 billion in revenue last year, makes lawn tractors, trimmers, chain saws, utility vehicles and other outdoor power tools. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr)

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