Husqvarna the world's biggest maker of chainsaws and lawnmowers, agreed to buy Gardena of Germany for €730 million ($963 million) to add Europe's No. 1 producer of consumer irrigation products.
Husqvarna AB aims to complete the purchase from buyout firm Industri Kapital in the first quarter, the Swedish company said yesterday in a Waymaker statement. The purchase price includes debt and pension liabilities of €416 million, it said. „Gardena Holding AG has built a very strong brand based on innovative products,” Husqvarna CEO Bengt Andersson said in the statement.
„We expect to see a positive trend in demand for irrigation products going forward and we see this product area as a platform for growth.” Husqvarna, which sells Flymo mowers and Weed Eater hedge clippers, wants to grow by 5% a year through acquisitions, Andersson said on October 19. The Huskvarna-based company said on November 15 it was considering a bid for Gardena. (Bloomberg)