Stanley Works Started As Boltmaker in 1843
FEATURE
New Merger with Emhart Parent Black & Decker Highlights Fastener History
The Stanley Works Tack Shop circa 1880s (courtesy Stanley Works)
Investors reacted warmly to news that Stanley Works and Black & Decker will merge, creating an $8.4 billion company called Stanley Black & Decker in an all-stock transaction.
Black & Decker’s Fastener and Assembly Systems division, including fastener manufacturer Emhart Teknologies, reported 2008 sales of $700 million.
While Stanley Works is known as a worldwide manufacturer and marketer of tools, hardware and specialty hardware products, the company was founded as a boltmaker more than 160 years ago.
Stanley Works was founded in 1843 by Frederick Trent Stanley, who established a shop in New Britain, CT, to manufacture door bolts and other hardware from wrought iron.
“Stanley’s Bolt Manufactory was only one of dozens of small foundries and other backyard industries in town struggling to make a go of it by turning out metal products,” according to the company website.
Today the company offers a selection of eye bolts, U bolts, barrel bolts and other fasteners through its Hardware division.
Wall Street has praised the merger, which promises $350 million in annual cost savings. Shares of Black & Decker have jumped 31% since the announcement, while Stanley Works stock has gained 10%.
For detailed coverage of the merger, along with news about other public companies with fastener holdings, subscribe to GlobalFastenerNews.com. ©2009 GlobalFastenerNews.com
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