Gov. Martin O'Malley plans to talk with Stanley's CEO and has directed the state labor and economic development departments to provide employment services to any displaced workers. Though Archibald insists the deal is a "merger of equals" and not a sale, he acknowledged that Stanley has the power to call the shots.
"They are paying a significant premium to our shareholders, and therefore they are the ones who determined where the corporate headquarters should be," he said.
Baltimore Sun reporters Jay Hancock, Eileen Ambrose, Gus G. Sentementes, Laura Smitherman, Nick Madigan and Mary Gail Hare contributed to this article. Black & Decker
Headquarters: Towson
Employees: 20,000 (1,200 in Baltimore County)
Operations: Five states, six foreign countries
Products: Power tools, hardware and home improvement products
Sales (2008): $6.1 billion (8% annual decline)
Profit (2008): $293.6 million (43% annual decline)
Brands: Black & Decker, DeWalt, Porter-Cable, Price Pfister, Kwikset
The Stanley Works
Headquarters: New Britain, Conn.
Employees: 18,000
Operations: 17 states, 15 foreign countries
Products: Consumer and industrial tools, security systems
Sales (2008): $4.4 billion (1.5% annual increase)
Profit (2008): $225 million (30% annual decrease)
Brands: Stanley, Bostitch, FatMax, MaxGrip, DynaGrip, PowerLock, Proto, Husky, Vidmar, ZAG
Sources: Corporate Web sites, Securities & Exchange Commission filings, Baltimore County government Web site
Timeline
1910: Duncan Black and Alonzo Decker quit their jobs and form their own company with $1,200 in capital. They initially made a bottle-capping machine and a candy-dipping device. They soon begin work on a power drill from a plant on South Calvert Street in today's Inner Harbor.
1917: The firm patents a drill design, called the world's first portable power drill with a pistol grip. It is related to a portable air-compressor they had also patented. Also, Black & Decker's first plant opens in Towson.
1919: Sales at the young company surpass $1 million annually.
1923: The company begins selling a low-priced power drill.
1941: The company makes shells and tools for World War II.
