Benzinga | Sep 13, 2021 09:40AM EDT

Stanley Black & Decker To Acquire Excel Industries For $375M

* Stanley Black & Decker, Inc. (NYSE:SWK) has agreed to acquire Excel Industries for $375 million in cash.

* Excel Industries is a designer and manufacturer of premium commercial and residential turf-care equipment under the brands of Hustler Turf Equipment and BigDog Mower Co.

* Excel Industries expects to achieve over $375 million in revenue for FY21. The Hesston, Kansas-based company has approximately 600 employees.

* Excel Industries serves ~1,400 active independent equipment dealer outlets that stock, sell and service Hustler and BigDog products in the U.S. and Canada.

* Stanley Black & Decker anticipates the acquisition to be modestly accretive to its EPS in year one and accretive to EPS by ~$0.15 - $0.20 by year three, excluding charges.

* Stanley Black & Decker plans to fund the transaction with cash on hand and proceeds from borrowings. It held cash and cash equivalents of $440.4 million as of July 3, 2021.

* Price Action: SWK shares traded higher by 0.78% at $187.87 on the last check Monday.