Exhibit 2(b)


                                 AMENDMENT NO. 3

                             Dated as of May 4, 1999

                                       to

                              TRANSACTION AGREEMENT

                            Dated as of July 12, 1998

                                 By and Between

                         THE BLACK & DECKER CORPORATION

                                       and

                                BUCHER HOLDING AG










                    AMENDMENT NO. 3 TO TRANSACTION AGREEMENT


         This Amendment No. 3 to Transaction  Agreement  ("Amendment  No. 3") is
made  as of the 4th  day of  May,  1999,  by and  between  The  Black  &  Decker
Corporation, a Maryland corporation ("Black & Decker"), and Bucher Holding AG, a
Swiss corporation ("Buyer").

                              W I T N E S S E T H:

         WHEREAS,  Black & Decker,  through  certain of its direct and  indirect
Subsidiaries, was engaged in the Glass Machinery Business;

         WHEREAS,  Black & Decker and Buyer entered into a Transaction Agreement
dated as of July 12,  1998 (the  "Agreement")  pursuant  to which Black & Decker
agreed to sell and Buyer agreed to purchase the Glass  Machinery  Business  upon
the terms and subject to the conditions set forth therein;

         WHEREAS,  Black & Decker and Buyer  entered into an Amendment  No. 1 to
Transaction Agreement dated as of September 21, 1998 amending the Agreement (the
"First Amendment");

         WHEREAS,  Black & Decker and Buyer  entered into an Amendment  No. 2 to
Transaction  Agreement dated as of November 20, 1999 amending the Agreement (the
"Second Amendment");

         WHEREAS,  Black & Decker  and  Buyer  desire  to amend  certain  of the
Agreement in accordance with the terms of this Amendment No. 3;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
of the parties contained herein, the parties agree as follows:

         Section 1.  Definitions.  Capitalized terms used but not defined herein
have the meanings  given to them in the  Agreement.  In addition,  the following
term shall have the following meaning:

         "Notice of  Objections"  means  Buyer's  February 5, 1999 notice of its
objections to the Proposed  Final Net Tangible Asset Amount as provided by Black
& Decker to Buyer on November 20, 1998.

         Section 2.  Amendments.  The  Agreement,  the First  Amendment  and the
Second Amendment are hereby amended as follows:

         2.01.  The parties  agree that the Final Net  Tangible  Asset Amount is
$61,295,000.  Such Final Net  Tangible  Asset  Amount  represents  a  $6,200,000
reduction of the Proposed Final Net Tangible Asset Amount which reduction of the
Exchange  Consideration  shall be allocated  to  Transferred  Assets  located in
Switzerland.  On May  14,  1999,  in  accordance  with  Section  2.04(c)  of the
Agreement, Black & Decker shall pay to Buyer the sum of $11,370,000 representing
the difference between $61,295,000 and $72,665,000. Notwithstanding any contrary
provision of the Agreement, no interest shall be due on such payment.

         2.02.   Section  2.04(f)  is  hereby  amended  by  providing  that  the
$15,344,000  payment to be made by Buyer to Black & Decker  thereunder  shall be
made on May 14, 1999.  Notwithstanding  any contrary provision of the Agreement,
no interest shall be due on such payment.

         2.03.  Section 7.09 of the Agreement is hereby  amended to provide that
Black & Decker  will pay to Buyer the sum of  $7,000,000  on May 14,  1999 as an
advance  reimbursement  of the  restructuring  costs that are  described in such
section.  Such payment shall fully  satisfy all of Black & Decker's  obligations
under Section 7.09 of the Agreement.

         2.04.  Section 10.02(b) of the Agreement is hereby amended by adding to
the end of such section the following clauses:

                  (v) the ALVER performance bond guaranteed by the Union Bank of
         Switzerland  as  described  in  Sections  B.2 and B.3 of the  Notice of
         Objections;  and (vi) the  ENAVA  performance  bond  guaranteed  by the
         Midland Bank as described in Section D.2 of the Notice of Objections.

         2.05.  Section 10.04(b) of the Agreement is hereby amended by adding to
the end of such section the following clauses:

                  (iii)  with  respect  to  the  matter   described  in  Section
         10.02(b)(v), to the extent of the first $200,000 of Damages incurred by
         all Indemnified Parties as a result thereof; and

                  (iv)  with   respect  to  the  matter   described  in  Section
         10.02(b)(vi),   to  the  extent  that  the  Damages   incurred  by  all
         Indemnified Parties as a result thereof exceed $92,000.

         2.06.  This  Amendment No. 3 is intended by the parties to constitute a
settlement  of all matters  raised in the Notice of  Objections  and,  except as
expressly  provided for herein,  Buyer hereby  releases and  discharges  Black &
Decker from each and every  obligation,  claim,  liability  or expense for which
Black & Decker or any of its  Affiliates may be or become liable to Buyer or any
of its  Affiliates  with  respect  to any and all of the  matters  raised in the
Notice of Objections.

         IN WITNESS  WHEREOF,  the parties hereto caused this Amendment No. 3 to
be duly  executed by their  respective  authorized  officers on the day and year
first above written.


                         THE BLACK & DECKER CORPORATION


                          By:   /s/CHARLES E. FENTON
                          Name:    Charles E. Fenton
                          Title:


                          BUCHER HOLDING AG


                          By:   /s/RUDOLF HAUSER
                          Name:    Rudolf Hauser
                          Title: