Contact: Barbara B. Lucas
                                         Senior Vice President - Public Affairs
                                         410-716-2980

                                         Mark M. Rothleitner
                                         Vice President - Investor Relations and
                                         Treasurer
                                         410-716-3979

FOR IMMEDIATE RELEASE: Monday, September 23, 2002

Subject: Black & Decker Affirms  Comfort with Consensus  Earnings  Estimates for
         Third  Quarter and Full Year 2002 Despite Loss of Shelf Space for Price
         Pfister Plumbing Products

Towson, MD - The Black & Decker  Corporation  (NYSE:BDK) today announced that it
expects  recurring  diluted  earnings  per share  will meet or exceed  analysts'
consensus  estimates  of $.83 for the third  quarter and $3.03 for the full year
2002.

         The Corporation also confirmed that, as anticipated,  its Price Pfister
plumbing  products  business  will lose  shelf  space at The Home  Depot.  Price
Pfister  expects to lose its shelf space at Home Depot stores in the central and
eastern  U.S.,  and retain most of its shelf  space at Home Depot  stores in the
western  U.S.  The  transition  should be complete  by the end of the year.  The
Corporation estimates that this loss of shelf space will negatively affect Price
Pfister sales by approximately $15 million in 2002 and approximately $50 million
on an annualized basis.

         Commenting  on the outlook  for the  Corporation,  Nolan D.  Archibald,
Chairman and Chief Executive  Officer,  said, "Solid order levels in most of our
businesses  during the third quarter have  increased our comfort with  consensus
earnings  estimates for 2002,  despite the uncertain economy and lower sales for
Price Pfister.  We had anticipated the possibility that Price Pfister would lose
shelf space at Home Depot and included the likely  impact in our  estimates  for
the third quarter and full year 2002."
                                     (more)

Page Two
         The Corporation will present today at an investor conference  sponsored
by Banc of America  Securities  in San  Francisco.  Investors  can listen to the
presentation  by visiting  www.bdk.com  and clicking on the icon  labeled  "Live
Webcast." A replay of the presentation will be available at www.bdk.com  through
the close of business on September 25, 2002. The Corporation  intends to provide
earnings guidance for 2003 when it announces its fourth quarter results.

         This release includes forward-looking  statements within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934. By their nature,  all  forward-looking  statements involve
risks  and  uncertainties.  For a more  detailed  discussion  of the  risks  and
uncertainties  that may affect Black & Decker's  operating and financial results
and its  ability to achieve the  financial  objectives  discussed  in this press
release,  interested  parties should review Black & Decker's  reports filed with
the  Securities  and Exchange  Commission,  including the Current Report on Form
8-K, filed September 23, 2002.

         Black & Decker is a leading global  manufacturer  and marketer of power
tools  and   accessories,   hardware   and  home   improvement   products,   and
technology-based fastening systems.
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