|TAYLOR, MI -- (PRNewswire-FirstCall) Black & Decker Corporation has signed a letter of intent in which Black & Decker will purchase from Masco Corporation the Baldwin Hardware and Weiser Lock businesses.
Baldwin and Weiser, with combined 2002 net sales of approximately $250 million, manufacture and distribute a wide range of architectural and decorative products for the home, including architectural hardware and locksets. The transaction is subject to final negotiation of a definitive purchase agreement, necessary regulatory clearances and Board of Director approvals. The transaction is expected to close later in 2003.
According to Black & Decker Chairman and CEO Nolan D. Archibald, "The acquisition of these strong brand names provides an excellent strategic opportunity for Black & Decker's further expansion of its lock and door hardware business by offering these products in all price ranges."
Masco Corporation Chairman and CEO Richard A. Manoogian commented, "We believe that the combination of Baldwin and Weiser with Black & Decker will be advantageous for these businesses since architectural hardware and locksets are core businesses for Black & Decker."
Headquartered in Taylor, Mich., Masco Corporation is one of the world's leading manufacturers of home improvement and building products as well as a leading provider of services that include the installation of insulation and other building products.
Masco Corporation's press releases and other information are available through the Company's toll free number, 1-800-MAS-NEWS, or you may visit Masco's website at http://www.masco.com
Headquartered in Towson, Maryland, Black & Decker is a leading global manufacturer and marketer of power tools and accessories, hardware and home improvement products, and technology-based fastening systems.
Visit Black & Decker's corporate website at http://www.bdk.com
This eUpdate posting by: Steve Joyce