3/15/2010
NEWS BRIEFS
Stanley Works Completes Black & Decker Merger
Days after winning EU approval, Stanley Works completed its merger with Black & Decker. The combined company will be known as Stanley Black & Decker, and trade on the NYSE under the symbol “SWK”.
The roughly $3.5 billion deal, unveiled in November 2009, gives Stanley a 50.5% stake in the new $8.4 billion company.
“We have made significant strides to this point in laying the foundation for a successful integration,” noted CEO John Lundgren.
Headquartered in New Britain, CT, Stanley Black & Decker is led by Lundgren and COO James Loree.
Longtime Black & Decker CEO Nolan Archibald, who is poised to make as much as $89 million from the merger, will serve as executive chairman of the board for three years.
Included in the deal is Emhart Teknologies, a global manufacturer of fasteners and assembly systems that saw sales slow to a 2% decline during the final quarter of 2009, with profit dipping 8% to $17.5 million.
Full year fastener sales decreased 24% to $536.6 million and profit decreased 62% to $39.5 million. Operating margin fell to 7.4%, “primarily due to the automotive industry collapse.”
Principal fastener markets are automotive, transportation, construction, electronics, aerospace, machine tool and appliance industries. Principal fastener facilities are located in Danbury, CT; Montpelier, IN; Campbellsville and Hopkinsville, KY; Chesterfield, MI; Birmingham, England; Giessen, Germany; and Toyohashi, Japan. ©2010 GlobalFastenerNews.com
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