He expects Black & Decker's corporate giving and support to community groups and institutions to gradually decline, too. "They were a good corporate citizen, and one of the few corporate headquarters we have left," along with locally based companies such as McCormick, Legg Mason and T. Rowe Price Associates.
Philanthropy has been evolving, and charitable groups are having to learn to rely less on the largesse of big corporations and more on individuals and smaller businesses, said Thomas E. Wilcox, president of the Baltimore Community Foundation. "It's happening in cities across America."
Of course, there will be a loss of prestige for the Baltimore area when the headquarters leaves.
"This is a company not with regional influence and reputation; this is a company with global influence and reputation. It has also been a company that has been as innovative as any company that this region has produced in recent memory," said Anirban Basu, chief executive of the Baltimore economic consulting firm Sage Policy Group Inc.
"It is, generally speaking, a sad day for those who are stakeholders in the local business community," he added. "It may be a fine day for shareholders, but by and large this represents another in a long series of headquarters departures in the Baltimore area and Maryland, and stands to be one of the more painful headquarter losses in recent memory."
After hearing the news Monday, Christian Johansson, secretary of the Maryland Department of Business and Economic Development, said he asked Black & Decker for help in connecting with Stanley officials. "The state of Maryland's chief concern is to make sure we are a strong partner in helping them work through the merger and make the case for keeping the employees they already have."
Baltimore Sun reporter Laura Smitherman contributed to this article.
