Blount International Acquires Woods Equipment

Blount International, Inc., Portland, OR, announced the execution of a definitive agreement to acquire GenWoods HoldCo, LLC and its wholly owned subsidiary, Woods Equipment Company. Woods is based in Oregon, IL, with approximately $160 million in sales for the twelve months ended July 31, 2011. Pursuant to the terms of the merger agreement, a newly formed subsidiary of Blount will merge with and into Woods Holdings and pay aggregate merger consideration of approximately $185 million in cash, subject to certain adjustments based on Woods’ closing date working capital. Pending regulatory clearance, the transaction is expected to close by the end of Q3 2011.

According to Blount, the acquisition of Woods provides numerous benefits including: Increased distribution for Blount’s farm, ranch, and agriculture end market business, particularly in the agricultural dealer channel; Expanded product line of tractor attachments and aftermarket replacement parts, including the well-known Woods and TISCO brands, for Blount’s farm, ranch, and agriculture business; Leverage of Blount’s manufacturing and product development expertise and global distribution and supply chain network, particularly product sourcing; Enhanced North American manufacturing and distribution footprint through the addition of three manufacturing and five distribution facilities.

"The acquisition of Woods significantly increases the scale of our farm, ranch, and agriculture business," said Josh Collins, Blount’s Chairman and Chief Executive Officer. "Woods’ excellent brands, strong market position, and experienced management team, coupled with our global distribution and supply chain network, will provide many sales and efficiency opportunities within our combined businesses. There is a long list of value creation opportunities in this acquisition."

Following the consummation of the transaction, Jerry Johnson, President of Woods’ Attachment business unit; Bill Stuckert, President of Woods’ Aftermarket Parts business unit; and Mark Miller, Chief Financial Officer of Woods, will report to Paul Valas, President of Blount’s Farm, Ranch, and Agriculture division. Commenting on the acquisition, Valas said, "Woods is an excellent strategic fit for our business, and the combination greatly expands our product offering and distribution network."

Founded in 1946, Woods is a manufacturer and marketer of equipment and replacement parts for the agriculture, grounds maintenance and construction markets, primarily in North America. Woods offers its products under the brand names Woods®, Alitec®, Central Fabricators®, Gannon®, Wain-Roy®, WoodsCare™, and TISCO® through a vast distribution network, including over 11,000 dealers nationwide, original equipment manufacturers, nationwide farm stores, an e-commerce portal, and tractor repair shops.

Blount designs, manufactures and markets replacement parts and equipment for consumers and professionals in select global end markets, including forestry; lawn and garden; farm, ranch, and agriculture; and concrete cutting and finishing, and is the market leader in manufacturing saw chain and guide bars for chain saws. Blount sells its products in more than 100 countries around the world.

Woods has been a member of this Association since 1996. For more information about the company go to woodsequipment.com.