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November 4, 2009

Stanley to make big cuts at Black & Decker

  • Executives plan to cut operating costs by $350 million within three years at what will become the nation's largest tool maker.
    • By ASHLEY M. HEHER
    AP Retail Writer

    CHICAGO — Tool makers Stanley Works and Black & Decker Corp. are betting that together they can wring out more profit and better position themselves for a housing market recovery than they could apart.

    Battered by the housing slump and economic recession, two of the industry's most iconic brands are now merging. Stanley Works on Monday agreed to pay $3.46 billion for rival Black & Decker in an all-stock deal that will create the nation's largest tool maker.


     
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