Stihl gets a minority stake in Chinese tool maker

The Stihl Group has secured a substantial minority stake in Globe Tools Group, a Chinese manufacturer of corded and cordless outdoor power tools under the 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", said Stihl executive board chairman Dr. Bertram Kandziora.

The managing owner of the family-operated Globe Tools Group, 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."

The move is aimed at further cementing Stihl's role in the global power tools market. The complementary partnership, says Stihl, is forged with an eye toward efficiency and synergy, citing "favorable production costs."

Globe Tools currently produces around 8 million cordless and corded electric products annually.