Printer Friendly

STANLEY ANNOUNCES STRATEGIC ACQUISITIONS

 STANLEY ANNOUNCES STRATEGIC ACQUISITIONS
 NEW BRITAIN, Conn., Dec. 23 /PRNewswire/ -- The Stanley Works


(NYSE: SWK) today announced two strategic acquisitions that will further position the company as the leading supplier of tools, hardware and specialty hardware products for home centers and distributors throughout the world.
 According to Richard H. Ayers, chairman and CEO of the Stanley Works, "We have completed the purchases of Monarch Mirror Door Company, a U.S. manufacturer of sliding and bifold mirror doors, and Sidchrome Tools, Australia's leading manufacturer of mechanics tools.
 "Both Monarch and Sidchrome offer important manufacturing and distribution synergies with current Stanley businesses. Each will help us offer an even more complete line of top-quality products to retailers and specialty distributors.
 Ayers added, "Stanley continues to focus on increased productivity and careful cost controls, as well as investments in acquisitions that position us to deliver strong results when the economy recovers."
 The company announced that it will set up a reserve in the fourth quarter, of less than $.05 per share, for acquisition-related restructuring costs.
 The Stanley Works is a worldwide manufacturer and marketer of hand tools, hardware and specialty hardware products for home improvement, consumer, industrial and professional use.
 Monarch Mirror Doors
 Commenting on the Monarch acquisition, David Hadlow, Stanley group vice president for builders and industrial products, remarked, "Stanley has already achieved market leadership in the U.K., Canada and, more recently, France with its highly successful Stanley and Acmetrack lines of closet doors, organizers and hardware. The Monarch acquisition extends this leadership strategy into the U.S. market with its extensive product line and effective distribution.
 "Monarch provides homeowners and builders with functional and decorative products that are a natural extension of closet hardware and accessories produced by Stanley Hardware. It has established a strong presence within the same channels of distribution served by Stanley and will become a business of the hardware division."
 Hadlow added, "We are particularly pleased that this acquisition will give us the capability to make many of the door hardware components that had previously been sourced from other manufacturers. We are confident that the expertise we have developed with closet doors and accessories in Europe and Canada will help us realize similar outstanding results in the U.S."
 Monarch employs 1,000 people in three manufacturing facilities located in Chatsworth and Vallejo, Calif., and Tupelo, Mich. Stanley Hardware is headquartered in New Britain, Conn.
 Sidchrome Tools
 Robert G. Widham, the Stanley Works' group vice president for home improvement and consumer products, elaborated on the Sidchrome acquisition. "Stanley has manufactured and marketed carpenters' hand tools in Australia for many years through its subsidiary, Stanley Works, Pty. Ltd.
 "Sidchrome is an excellent fit for Stanley. The Sidchrome brand, like Stanley, is recognized throughout Australia for quality and value. Its extensive line of mechanics' tools for professional and DIY use significantly expands the range of products we currently offer customers and provides new channels of distribution for us."
 Widham added, "This acquisition is another important step in our strategy for global leadership in manufacturing and marketing hand tools."
 Sidchrome employs about 300 people and is a division of Siddons Ramset Limited, which is located in Melbourne. Stanley Works Pty. Ltd. is also headquartered in Melbourne.
 -0- 12/23/91
 /CONTACT: Ronald F. Gilrain of the Stanley Works, 203-827-3882/
 (SWK) CO: The Stanley Works ST: Connecticut, California, Michigan IN: SU: TNM


GK -- NY008 -- 4719 12/23/91 09:11 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 1991
Words:571
Previous Article:PRODUCTION HEATS UP AT UNIVERSAL STUDIOS FLORIDA
Next Article:WILLIAMS CONTROLS INSTALLS EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
Topics:


Related Articles
THE STANLEY WORKS ACQUIRES FRIESS & CO. KG
STANLEY ANNOUNCES ELECTION OF NEW OFFICER
Stanley Associates Acquires CCI, Inc.
Aronson Capital Partners, LLC Facilitates Sale of CCI, Incorporated to Stanley Associates.
Stanley Acquires Fuentez Systems Concepts.
Stanley Works Completes Acquisition of CST / Berger.
Tanfield raises cash for more expansion.
Stanley Works Board of Directors Elects Brett Bontrager a Corporate Executive Officer.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters