Stanley Works tool company is buying rival Black & Decker Corp for US$4.5 billion, the two companies said on Monday, bringing together two of their industry’s mammoth brands.
Stanley shareholders will own about 50.5 percent of the combined company, which would be the US’ largest toolmaker and be named Stanley Black & Decker. Black & Decker shareholders will own approximately 49.5 percent after the all-stock deal is complete.
Stanley chairman John Lundgren will be president and CEO.
Under the terms of the deal, Black & Decker shareholders will receive 1.28 shares of Stanley Works for each share they own. The nine members of Stanley Works’ board will remain in place and be joined by six new members from Black & Decker’s current board.
Executives said the deal will cut costs US$350 million, possibly including job cuts, and grow earnings per share by US$1 within three years. Executives said most of the savings would come from reducing corporate overhead and consolidating business units and manufacturing, distribution and purchasing.
Black & Decker, based in Towson, Maryland, has 22,100 workers. Stanley Works, based in New Britain, Connecticut, has 18,200 workers.
Boards of directors for each company have approved the deal, but it still must win regulatory and shareholder approval.
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