Stanley Black & Decker (NYSE: SWK), New Britain, CT, has agreed to acquire a 20 percent stake in MTD Products Inc., a privately held manufacturer of outdoor power equipment, for $234 million in cash. Stanley Black & Decker said it has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021.

The deal increases Stanley Black & Decker’s presence in the $20 billion global lawn and garden market. MTD manufactures and distributes lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment for residential and professional lawn and garden customers. The company had 2017 revenues of more than $2 billion.