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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