Blount International Announces $185M Acquisition of Woods Equipment Company

Blount International, Inc. BLT today 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, Illinois, with approximately $160 million in sales for the twelve months ended July 31, 2011. The acquisition will be structured as a merger and will be subject to certain customary terms and conditions, including U.S. antitrust clearance. 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. The merger consideration will be financed with cash-on-hand and borrowings under its revolving credit facility. Pending regulatory clearance, the transaction is expected to close by the end of Q3 2011.