Stanley Black & Decker to sell $300M Excel unit
Stanley Black & Decker, Inc. (SWK) has entered into a definitive Equity and Asset Purchase Agreement to sell its Excel Industries business, including certain assets related to the HUSTLER® brand, to Bad Boy Mowers JV Acquisition, LLC.
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Rhea-AI Filing Summary
Stanley Black & Decker, Inc. (SWK) has entered into a definitive Equity and Asset Purchase Agreement to sell its Excel Industries business, including certain assets related to the HUSTLER® brand, to Bad Boy Mowers JV Acquisition, LLC. Excel is expected to generate approximately $300 million of revenue in fiscal 2026. The buyer will acquire Excel Industries, LLC, a wholly owned subsidiary, and related HUSTLER brand assets.
The company states that the transaction is part of its active portfolio management, aiming to focus resources on its largest and most attractive brands while continuing to invest in electric and residential outdoor products. The deal is subject to required regulatory approvals and other customary closing conditions, and the company does not expect it to be dilutive to adjusted EPS. Until closing, Excel’s results will remain in continuing operations and will not be reclassified as discontinued operations.
Positive
- Sale of $300 million-revenue Excel business supports Stanley Black & Decker’s portfolio focus on larger core brands and higher-growth electric outdoor products, and the company does not expect the transaction to be dilutive to adjusted EPS.
Negative
- None.
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Equity and Asset Purchase Agreement financial
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continuing operations financial
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capital allocation strategy financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 7.01. | Regulation FD Disclosure. |
On September 4, 2026, Stanley Black & Decker, Inc. (the “Company”) issued a press release announcing the execution of an Equity and Asset Purchase Agreement, dated as of September 1, 2026, by and between the Company and Bad Boy Mowers JV Acquisition, LLC (“Bad Boy Mowers”), pursuant to which Bad Boy Mowers has agreed to purchase Excel Industries, LLC, a wholly owned subsidiary of the Company, and certain assets related to the HUSTLER® brand name. The transaction is subject to receipt of required regulatory approvals and other customary closing conditions. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Cautionary Note Regarding Forward-Looking Statements
Stanley Black & Decker makes forward-looking statements in this Current Report on Form 8-K which represent its expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections, proceeds or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements made in this Current Report on Form 8-K include, but are not limited to, statements concerning: consummation of the transaction described herein; the Company’s ability to maximize value to shareholders through active portfolio management and capital allocation; the Company’s capital allocation strategy; and the expected impact of the transaction on adjusted EPS.
You are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future events and involve risks, uncertainties and other known and unknown factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements, including, but not limited to, the failure to realize the expected benefits of the Company’s value creation and capital allocation strategies or the expected impact of the transaction on adjusted EPS.
Forward-looking statements made herein are also subject to risks and uncertainties described in Stanley Black & Decker’s 2025 Annual Report on Form 10-K, its subsequently filed Quarterly Reports on Form 10-Q, and other filings Stanley Black & Decker makes with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements. Stanley Black & Decker makes no commitment to revise or update any forward-looking statements to reflect events or circumstances occurring or existing after the date of any forward-looking statement.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit |
Description | |
| 99.1 | Press release dated September 4, 2026, issued by Stanley Black & Decker, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stanley Black & Decker, Inc. | ||||||
| September 4, 2026 | By: | /s/ Donald Riccitelli | ||||
| Name: | Donald Riccitelli | |||||
| Title: | VP Corporate Secretary | |||||
Exhibit 99.1
Stanley Black & Decker Announces Agreement to Sell Excel Industries to Bad Boy Mowers
Transaction Further Refines the Company’s Portfolio to Focus on Growing Its Biggest Brands and Businesses
New Britain, Connecticut, September 4, 2026 — Stanley Black & Decker (NYSE: SWK) today announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel, which is primarily made up of the professional-grade, gas-powered, ride-on and zero-turn mowers under the Hustler® brand, is expected to generate FY 2026 revenue of approximately $300 million.
Chris Nelson, Stanley Black & Decker’s President & CEO, commented, “The sale of Excel further refines our portfolio and unlocks greater shareholder value by concentrating resources on the areas where we see the most compelling opportunities to grow and win.
We remain committed to growing our Outdoor business through innovation and our strong family of brands, including Cub Cadet, Dewalt, Craftsman, Troy-Bilt, and Black+Decker. We are excited about the high-growth opportunities presented in electric outdoor products, and we will continue to thoughtfully invest in high-performance, residential ride-on and zero-turn mowers. We are confident in our plans to drive organic growth and margin expansion across this portion of our business.”
Bill Beck, President, Tools & Outdoor, Stanley Black & Decker, stated, “Our Outdoor business and brands remain a strong asset, with meaningful value and opportunity ahead. As we take this next step, I want to recognize and thank our Excel team members for their exceptional dedication, hard work, and valuable contributions. Because of their efforts, the business has strong momentum and is well positioned for the future.”
“We are excited to welcome Hustler and its talented team to the Bad Boy family,” said Peter Ballantyne, CEO of Bad Boy Mowers. “We have tremendous respect for the business and the team that has built it over many decades. We look forward to supporting Hustler’s continued success as a leader in professional grade mowers.”
The transaction is subject to regulatory approval and other customary closing conditions. The Company does not expect the transaction to be dilutive to adjusted EPS. Until the transaction closes, the results of Excel will remain in continuing operations and will not be reclassified as discontinued operations.
BofA Securities, Inc. is acting as financial advisor and Cravath, Swaine & Moore LLP is acting as external legal counsel to Stanley Black & Decker.
About Excel Industries
Excel is a leading designer and manufacturer of premium commercial and residential turf-care equipment under the distinct brand of Hustler Turf Equipment (Hustler). Excel serves an extensive network of independent equipment dealer outlets that stock, sell, and service Hustler products in the United States and Canada. Excel has a strong legacy of innovation and launched the first hydrostatic zero-turn mower in 1964. Excel is located in Hesston, Kansas.
About Stanley Black & Decker
Founded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company’s approximately 41,000 employees produce innovative end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world’s builders, tradespeople and DIYers. The Company’s world class portfolio of trusted brands includes DEWALT®, CRAFTSMAN®, STANLEY®, BLACK+DECKER®, and Cub Cadet®. To learn more visit: www.stanleyblackanddecker.com or follow Stanley Black & Decker on Facebook, Instagram, LinkedIn and X.
| Investor Contacts | ||
| Michael Wherley |
Christina Francis | |
| Vice President, Investor Relations |
Senior Director, Investor Relations | |
| michael.wherley@sbdinc.com |
christina.francis@sbdinc.com | |
| (860) 827-3833 |
(860) 438-3470 | |
| Media Contact | ||
| Debora Raymond |
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| Vice President, Public Relations |
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| debora.raymond@sbdinc.com |
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(203) 640-8054
Cautionary Note Regarding Forward-Looking Statements
Stanley Black & Decker makes forward-looking statements in this press release which represent its expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections, proceeds or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements made in this press release include, but are not limited to, statements concerning: consummation of the transaction described herein; the Company’s ability to maximize value to shareholders through active portfolio management and capital allocation; the Company’s capital allocation strategy; and the expected impact of the transaction on adjusted EPS.
You are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future events and involve risks, uncertainties and other known and unknown factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements, including, but not limited to, the failure to realize the expected benefits of the Company’s value creation and capital allocation strategies or the expected impact of the transaction on adjusted EPS.
Forward-looking statements made herein are also subject to risks and uncertainties described in Stanley Black & Decker’s 2025 Annual Report on Form 10-K, its subsequently filed Quarterly Reports on Form 10-Q, and other filings Stanley Black & Decker makes with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements. Stanley Black & Decker makes no commitment to revise or update any forward-looking statements to reflect events or circumstances occurring or existing after the date of any forward-looking statement.