Stanley Works
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The Stanley Works NYSE: SWK, headquartered in New Britain, CT is a household durable goods manufacturer of tools and hardware. The company was created by the 1920 merger of Stanley's Bolt Manufactory founded by Frederick Trent Stanley in 1843, and The Stanley Rule and Level Company founded by Frederick's cousin Henry Stanley in 1857. Both companies originally operated in New Britain, Connecticut, USA, but Stanley Works is now a worldwide business. In May of 2002, the company considered moving its corporate headquarters to Bermuda, but public and governmental outcry forced management to reconsider the move. By August of 2002, the company had decided to maintain its incorporation in the United States.
Stanley is a well-known brand of tools and has produced millions of hand planes, saws, rulers, try squares, chisels, screwdrivers, and many other types of tools for consumer and for industrial use. Their innovations include the Bailey plane, the Surform shaper, the PowerLock tape measure, and the utility knife or in British English, the Stanley knife. Stanley is also a supplier of PoziDriv (improved Phillips lookalike) screwdrivers.
Stanley Works received the Golden Hammer Award for new product innovation in 2000, 2001 and 2002.
In October of 2002, Stanley Works acquired Best Access Systems of Indianapolis, IN for $310 million. The acquisition also prompted the creation of a new Access Controls Group for Stanley. Further additions to this new working group included Blick plc of Swindon, England, a United Kingdom leading integrator of security solutions, communication, and time management solutions to the commercial and industrial sectors, selling direct to end users. In January of 2004 Stanley announced plans to acquire Frisco Bay Industries Ltd. for $45.3 million. Frisco Bay was a leading Canadian provider of security integration services. In December of 2004, the acquisition of ISR Solutions, Inc., headquartered in the Washington, DC area was announced. ISR Solutions is an electronic security integrator providing the U.S. federal government and commercial customers with access security system services. January of 2005, the acquisition of Security Group, Inc. was announced. Security Group was comprised of two primary operating companies: Sargent & Greenleaf, Inc., a manufacturer of medium and high security locks and Safemasters, a North American provider of physical security installation, maintenance and repair services, with an emphasis on mechanical locking systems. An additional acquisition of Precision Hardware was made in 2005.
John F. Lundgren was elected as Chairman & Chief Executive Officer in 2004, replacing John Trani, a former protegé of Jack Welch at General Electric.
[edit] Further reading
- John Walter - Antique & Collectible Stanley Tools: Guide to Identity & Value (The Tool Merchant, Ohio, 1996) ISBN 1-878911-02-3
[edit] External links
Stanley Tools also sponsors NASCAR Nextel Cup team Evernham Motorsports and driver Scott Riggs.
