Blount Intl to Acquire Woods Equipment Co
Blount International Inc., the Portland yard equipment maker, said Wednesday it will buy Woods Equipment Co., an Illinois agriculture equipment manufacturer. The $185 million cash acquisition, Blount said in a news release, would help increase the company's reach in the agriculture end-market business. The company will acquire the Woods and TISCO tractor parts brands, as well as three manufacturing facilities and five distribution centers. Woods made about $160 million in sales last year, Blount said. Blount will form a subsidiary to merge with the company. The deal is expected to close by the end of 2011's third quarter, pending regulatory clearance. Blount will finance the deal through cash on hand and its revolving credit facility. The company had $80.5 million on hand at the end of June, according to a financial report filed last week.
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