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Stanley Black & Decker Inc.
SWK, + 0.89%
Shares rose 1% on Wednesday after the company announced a 20% stake in MTD Products Inc., a privately owned global manufacturer of electrical equipment for the maintenance of lawns and gardens. worth $ 234 million. Stanley Black & Decker has the option of acquiring the remaining 80% effective July 1, 2021. In 2017, MTD achieved a turnover of $ 2 billion, with products such as lawn tractors, lawn mowers and snowblowers. It's an 85-year-old company based in Valley City, OH. Stanley Black & Decker had an existing relationship with MTD, including the manufacture of some products under the Craftsman brand. The transaction is expected to close early in 2019. Until now, the shares of Stanley Black & Decker have fallen by 15.6%, while the S & P 500 index
SPX, -0.30%
gained nearly 8% over the period.
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