Stanley Works says it will buy Black & Decker Corp. for $4.5 billion, bringing together two major players in the toolmaking business.
Stanley shareholders will own about 50.5 percent of the combined company, to be named Stanley Black & Decker, and Black & Decker shareholders will own about 49.5%.
John F. Lundgren, chairman and CEO of Stanley, will be president and CEO of the combined company.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
