Come and grow – the spoga+gafa blog » News » STIHL acquires a minority stake in Globe Tools

STIHL acquires a minority stake in Globe Tools

The STIHL Group acquires a substantial minority share of the Globe Tools Group – a successful manufacturer of corded and cordless outdoor power tools under their Greenworks brand.

“Our stake in Globe Tools means we are systematically consolidating our strategy in the growing market for cordless power tools. We will utilize synergy effects in the development and production of cordless products”, explained STIHL executive board chairman Dr. Bertram Kandziora. The managing owner of the Globe Tools Group, Mr Yin Chen, said: “We are pleased that we will have STIHL on board in the future as a strong and reliable partner. This involvement is a milestone in our growth story.”

Globe Tools has a high level of vertical integration and now produces around 8 million cordless and corded electric products annually. Turnover last year amounted to US$ 325 million. The Globe Tools Group has a workforce of some 4,000 men and women in Hong Kong, Changzhou (People’s Republic of China), Mooresville/NC (U.S.A.), Newmarket/ON (Canada), Moscow and Cologne. The development and production of products takes place mainly in Changzhou, while marketing and sales are handled by the companies in other countries.

The participation agreements were concluded by the STIHL Group and the Globe Tools Group in May 2016. It was agreed not to disclose the price of the participation. Approvals from antitrust and other authorities in several countries still have to be granted before the participation can be completed and cooperation begun.

Further information:

Leave a Reply

Your email address will not be published. Required fields are marked *