| | | 11/3/2009: Stanley Works acquires Black & Decker | Toolmaker Stanley Works will acquire Black & Decker in a deal valued at about $3.43 billion. Under the terms of the acquisition, announced after the closing bell Monday, Black & Decker shareholders will receive 1.275 Stanley shares for each Black & Decker share they own.
At the close of Monday trading, Stanley's stock price stood at $45.15, putting a value on each Black & Decker share of about $57.57. Black & Decker has about 59.5 million shares outstanding.
The companies said the deal represents a 22.1% premium to Black & Decker's closing stock price Friday.
In Tuesday's premarket session, Black & Decker shares spiked 23.7%. They were changing hands recently at $58.55, up $11.21 from their close in Monday's regular session, when they inched higher by 12 cents. Stanley shares, meanwhile, gained 5% in early-hours action Tuesday, trading recently at $47.40.
Already approved by both boards, the combination is expected to close in the first half of 2010, though it still requires the standard blessings of regulators and both sets of shareholders. If the deal goes through, Stanley shareholders will own 50.5% of the resulting company, to be called Stanley Black & Decker.
Stanley's chairman and CEO, John Lundgren, will take the reins of the new concern as president and chief executive, while Black & Decker's CEO, Nolan Archibald, will become executive chairman.
Looking far into the distance, Stanley and Black & Decker said that, by the third year following the deal's closing, the combined company will generate $1 billion in free cash flow. Also in that third year, executives project the merger to add $1 per share to the combined company's bottom line, largely through what it pegs as $350 million in potential cost-saving synergies.
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| 9/3/2010: Acument sells Elco to equity group
Acument Global Technologies has announced the sale of their GEC and Avdel divisions to CVC and Standard Chartered Private Equity Limited. This sale includes the ElcoŽ Construction Products, CamcarŽ, and AvdelŽ brands.
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| 8/26/2010: Stanley Black & Decker makes Organization Announcements
Dave Fabris named VP Sales Industrial Construction Channel. Jack Templin named VP of Sales for Industrial Distribution Channel of IAR North America
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| 8/6/2010: Evergreen on Linked-In
Evergreen Marketing Group has established a networking group on Linked In. To join the new group, please click the "Read More" link or log in to Linked In and search for us in groups.
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| 8/1/2010: Thermadyne joins Evergreen as new preferred supplier
Thermadyne has joined Evergreen as a new preferred supplier in the Power Equipment/Welding product category effective 8/1/2010.
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| 6/29/2010: Evergreen elects 2010-2011 Board of Directors and Supplier Advisory Council
Evergreen has elected its new Board of Directors and Supplier Advisory Council for 2010-2011.
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| 6/15/2010: Evergreen recognizes 2009 Members and Preferred Suppliers of the year
The Evergreen Marketing Group recognized its 2009 Members and Preferred Suppliers of the Year at its annual Partnership Conference.
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| 6/12/2010: Evergreen announces winner of 6th George A. Sheatz Award
Patrick Kearl of Relton Corporation has won his fifth George A. Sheatz Award
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| 6/10/2010: Evergreen recognizes 18 certified tool specialists
Evergreen recognized 18 new certified tools specialists during its annual Partnership Conference.
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| 4/1/2010: Danaher and Cooper to merge tool groups
Danaher Corporation and Cooper Industries will merge their tool groups into a single, privately held company.
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| 3/30/2010: 2010 Partnership Conference Sponsors recognized
Thanks to our 2010 Partnership Conference Sponsors!
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