The Stihl Group has acquired 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, added: "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."
The two companies complement each other in the market for cordless and corded electric power tools and intend to create a cooperative partnership and achieve gains in efficiency. "This move enables us to quickly expand the Stihl cordless product line for the customers of our servicing dealers in the entry-level segment and offer high-class products in Stihl quality at competitive prices," said Dr. Kandziora. Moreover, Stihl makes use of the favorable production costs of Globe Tools in China, and also the procurement of components. On the other hand, Globe Tools profits from the Stihl Group's many decades of experience and can continue its dynamic growth course with fresh capital.
