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, October 4, 2004

Subject: Black & Decker Finalizes the Acquisition of Pentair's Tools Group

Towson, MD - The Black & Decker  Corporation (NYSE: BDK) today announced that it
has completed the purchase of the Tools Group from Pentair, Inc. (NYSE: PNR) for
approximately  $775  million  in cash.  The  Tools  Group,  which  includes  the
Porter-Cable,  Delta, DeVilbiss Air Power, Oldham Saw, and FLEX businesses,  had
sales of $1.08 billion and operating profit of $82 million in 2003.

     In addition, the Corporation will discuss its third-quarter results and the
outlook for the remainder of 2004 during a conference call on Wednesday, October
27, 2004,  following the release of its third-quarter 2004 results.  The call is
scheduled  to begin at 10:00  a.m.,  E.T.,  and will be webcast  "live" over the
Internet.  Investors can listen to the call by visiting  http://www.bdk.com  and
clicking on the icon labeled "Live  Webcast." It is  recommended  that listeners
log-in at least ten minutes  prior to the beginning of the call to assure timely
access.   A  webcast  replay  of  the  conference  call  will  be  available  at
http://www.bdk.com.

     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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