Stanley Black & Decker's Jim Loree Has Big Plans To Electrify Gas-Powered Tools, Trimmers And Mowers

By Amy Feldman
Jul 9, 2021 11:00 AM ET
Stanley Black & Decker's Jim Loree, as photographed for Forbes magazine in 2018: “When you get to our size you have to find big things that have great potential." JAMEL TOPPIN FOR FORBES

Originally published by Forbes

Under CEO Jim Loree, the venerable toolmaker Stanley Black & Decker has bet heavily on acquisitions as a way to power up the company’s growth. Last time, we checked in with him (for a 2018 magazine story) it was Craftsman, the tool line once revered by DIY-ers that had collapsed under the Eddie Lampert regime at Sears. Today, it’s MTD Products, a manufacturer of outdoor power and lawn care equipment whose brands include Cub Cadet, Troy-Bilt and Robomow.

The $14.5 billion (revenue) company announced its plans to acquire the 80% of MTD it didn’t already own at the beginning of the year, following a blockbuster second half of 2020 as homeowners and landlords alike focused on renovations. “We are going to pay a little around $2 billion for MTD and will get around $3 billion in revenue,” Loree says. “We negotiated a very good price for it.”

Price and size is one thing, but what MTD really gives Stanley Black & Decker is a giant base of gas-powered mowers, trimmers and the like. Tools that run on batteries are quieter and better for the environment than gas-powered ones, and the shift to them is already underway.

Continue reading on Forbes