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Stanley Works to purchase rival Black & Decker
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Published: November 3, 2009
NEW YORK - Stanley Works is buying rival Black & Decker Corp. for $4.5 billion, the two companies said Monday, bringing together mammoth brands in the toolmaking business.
Stanley shareholders will own about 50.5 percent of the combined company, which will be named Stanley Black & Decker. Black & Decker shareholders will own an approximate 49.5 percent stake.
Stanley Chairman John F. Lundgren will be president and chief executive officer of the combined entity after the all-stock deal is complete.
Boards of directors for each company approved the deal, which still must receive regulatory and shareholder approval.
The Associated Press
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