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STANLEY CALLS JUDGE'S FINE 'SURPRISING AND DISAPPOINTING'

 NEW BRITAIN, Conn., April 1 /PRNewswire/ -- In a decision that the Stanley Works' (NYSE: SWK) general counsel today called "surprising and disappointing," the Hon. Clyde S. Cahill, U.S. District Judge for the Eastern District of Missouri, fined the company $8 million for antitrust violations in the architectural hinge sector of the hardware industry in 1987 and 1988.
 Stephen S. Weddle, vice president and general counsel of Stanley, stated, "We were prepared to accept what we believed to be a fair penalty in this case. We were disappointed by the judge's decision and believe that the fine is excessive. The judge did say he would suspend part of the fine, reducing it to $5 million if Stanley made charitable gifts totaling $1 million to establish programs on business ethics at four unspecified law schools. We are currently assessing this option, as well as our option to appeal."
 Stanley had previously established reserves in connection with this case; however, under this settlement, the company will incur additional charges in the first quarter. These charges along with other charges for restructuring and product liability will approximate the recently reported gain resulting from the sale of the company's investment in Max Co. Ltd. stock.
 Mr. Weddle commented, "These were very serious charges. John R. Hollfelder, a former hardware division employee, pled guilty to the charges and was also sentenced on March 31st. It was obvious that Mr. Hollfelder had violated the law and the company accepted appropriate responsibility with our no contest plea in 1991. In October 1992, Richard S. Martin, former general manager of Stanley's hardware division, was acquitted of the charges against him by a jury. During 1990, Stanley had voluntarily paid rebates totaling over $3 million to customers and settled a number of direct and indirect class action lawsuits brought as a result of the criminal charges."
 The Stanley Works is a worldwide producer of tools, hardware and specialty hardware for home improvement, consumer, industrial and professional use.
 -0- 4/1/93
 /CONTACT: Ronald F. Gilrain, VP-public affairs of Stanley, 203-827-3882/
 (SWK)


CO: The Stanley Works ST: Connecticut IN: SU:

GK -- NY037 -- 1941 04/01/93 10:27 EST
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Date:Apr 1, 1993
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