Tractor Supply executives have agreed to pay nearly $300 million for a Missouri-based peer that runs 167 stores in 11 states from Texas to Ohio.

Brentwood-based Tractor Supply will pay cash for Orscheln Farm and Home, which was founded in 1960 and is expected to immediately add to Tractor’s earnings. Nearly 100 of Orscheln’s stores are located in Missouri and Kansas, where Tractor already has 56 of its more than 1,900 locations. The deal also will more than double the local company’s store base in Iowa and Nebraska.

“This is an exciting step for Tractor Supply as we expand our footprint in the Midwest,” Tractor President and CEO Hal Lawton said in a release. “We look forward to bringing together our highly complementary cultures and teams to realize the long-term value and benefits that we expect this acquisition to deliver.”

The planned purchase of Orscheln, which runs a distribution center in its hometown of Moberly, Missouri, also will bring Tractor future tax benefits worth $23 million. Lawton and his team recently reported fourth-quarter sales of $2.88 billion, an increase of 31 percent from the number of late 2019. The company, which employs more than 42,000 people, has been a big beneficiary of COVID-spurred spending on homes and properties and saw its full-year profits soar to $749 million from $562 million in 2019.

Shares of Tractor (Ticker: TSCO) rose about 1 percent Tuesday to $161.94, hitting a 52-week high of $163.40 during the day. They have risen about 5 percent since last summer.

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