Black & Decker sells Emhart Glass

Maryland Watch

September 23, 1998

As it moves closer to wrapping up a three-part divestiture plan, Towson-based Black & Decker Corp. said yesterday that it has completed the sale of its glass-making machinery business, Emhart Glass.

Bucher Holding AG of Switzerland purchased Emhart for $194 million, netting Black & Decker $158 million -- significantly more than analysts had predicted.

Electing to concentrate on power tools and hardware, Black & Decker is also in the process of selling a controlling interest in its True Temper Sports golf club shaft business to Cornerstone Equity Investors LLC for about $200 million and $4 million in preferred and common stock.

The sale of its Western Hemisphere household-products business to Windmere Durable Holdings Inc. for $315 million closed in June.

The Emhart Glass sale means 1,100 jobs will be transferred to Bucher, Switzerland's seventh-largest machinery maker.

Black & Decker spokeswoman Barbara Lucas said she expects Bucher to retain Emhart employees.

Pub Date: 9/23/98

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