BUSINESS
By Lorraine Mirabella, Gus G. Sentementes and Eileen Ambrose and Lorraine Mirabella, Gus G. Sentementes and Eileen Ambrose,lorraine.mirabella@baltsun.com, Gus.Sentementes@baltsun.com and Eileen.Ambrose@baltsun.com | November 3, 2009
The Baltimore area has seen corporate headquarters disappear before, but the loss of Black & Decker in a corporate merger could hurt more than most in terms of prestige, spinoff jobs and charitable giving, local leaders say. Allan Tibbels, co-executive director of Sandtown Habitat for Humanity, was left wondering what the proposed deal will mean for his nonprofit, which rebuilds housing in West Baltimore. The organization has benefited from Black & Decker's charitable contributions for years, as the manufacturer has donated power tools, employee volunteer hours and funding, Tibbels said.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | July 26, 2008
Towson-based Black & Decker Corp. said yesterday that net earnings fell 18 percent in the second quarter as a sharp downturn in home construction and remodeling continued to hurt sales. The maker of power tools and hardware products reported net earnings of $96.7 million, or $1.58 per diluted share, compared with earnings of $118 million, or $1.75 per share, for the second quarter of 2007. Second-quarter sales fell 3 percent to $1.6 billion, the company said. The decrease included a positive 5 percent impact from foreign currency translation.
NEWS
By STEVE CHAPMAN | May 1, 2008
In June 2006, a minor brawl erupted at Ye Olde Six Bells pub in Horley, England. In the aftermath, police arrested Mark Dixie, a chef at the pub, who surprised them by breaking into tears. He had good reason. As a standard practice in arrests, a DNA swab was taken from him. What the authorities didn't suspect, but he did, is that his DNA would match that of the man who raped and murdered an 18-year-old woman nine months earlier. He was eventually sentenced to life in prison. This is just one of many cases that have vindicated the use of DNA in cracking crimes.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | January 29, 2008
Black & Decker Corp. said yesterday that it would consolidate manufacturing plants and reduce personnel this year as the housing slump continues to take its toll on sales, which the company expects will decline this year. The cutbacks at the Towson power tools and home improvement company were announced as Black & Decker released its fourth-quarter and full-year earnings, which continued to suffer from the economic slow- down. Black & Decker Chairman and Chief Executive Officer Nolan D. Archibald told a conference call with analysts that declining sales would force the company to shift some manufacturing work to lower-cost sites but he declined to identify specific areas.
BUSINESS
By Mary Moore and Mary Moore,Special to The Sun | December 27, 2007
Joseph Galli Jr. swears he does not "wake up in the morning, thinking I have to kill Black & Decker." But he does call it "poetic justice" that he is about to be in a position to at least inflict injury. Nearly nine years after being fired as head of Black & Decker's power tools division, Galli is expected to be named CEO of the Towson toolmaker's largest competitor, Techtronic Industries Co. Ltd., in early January, according to TTI sources. Galli, who still lives in Baltimore, has been out of the tool business since leaving Black & Decker and was forbidden by a clause in his contract with a subsequent employer from working in the industry for much of that time.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | October 26, 2007
Amid the prolonged housing downturn and subprime mortgage crisis, Black & Decker Corp. surprised many investors yesterday by reporting third-quarter profit that topped its own forecast and that of analysts. While profit fell 16 percent, the Towson manufacturer of power tools and home improvement products was buoyed by the results and boosted its outlook for the year. Black & Decker's stock shot up more than 8 percent, or $6.74, to close at $89.74. "As we have described all year, outstanding international sales growth mitigated weakness related to the U.S. housing industry," said Chief Financial Officer Michael D. Mangan in a conference call with analysts.