O’Malley to meet with Stanley Black & Decker officials 

Posted: 10:30 am Fri, November 6, 2009
By Nicholas Sohr
Daily Record Business Writer

CAMBRIDGE — Gov. Martin O’Malley said Thursday night he will meet with heads of The Stanley Works and Towson-based Black & Decker Corp. next week to discuss the merger that will move the tool giant’s headquarters out of Maryland.

The two companies announced their $4.5 billion, all-stock deal Monday.

“We’re going to be doing everything we possibly can to keep as many of those jobs as we can in Maryland,” said O’Malley, a Democrat, during a question-and-answer session at a Maryland Chamber of Commerce dinner.

“It could be a good thing. They’re giants. They’re solid companies. We need to make sure we get in there and jump up and down about the importance of Maryland, the advantages to doing business in Maryland, the workforce they have in Maryland, so that we lose as few jobs as possible.”

Headquarters of the combined Stanley Black & Decker will be in New Britain, Conn., where Stanley is based. The power tools division will remain in Towson. Nolan D. Archibald, CEO of Black & Decker, will be executive chairman of the new company. Stanley’s John Lundgren will be president and chief executive.

Ten percent of the combined work force of about 38,000 could lose their jobs, according to documents related to the sale filed with the Securities and Exchange Commission. Black & Decker has about 1,500 on its payroll in Maryland, and 20,000 total. The company has said most of the 250 corporate jobs in Maryland will be cut.

O’Malley said he will push Archibald and Lundgren during their Monday meeting to maintain the work force in Maryland, but acknowledged the decisions are out of his hands.

“It’s not like they’re moving for lower taxes or less traffic or better schools,” O’Malley said after his speech. “It was a business decision, and in this one we stand to lose some headquarters administrative jobs, and if this situation were reversed, Connecticut would be losing those jobs. In a consolidation, these things happen.”