FOR IMMEDIATE RELEASE Exhibit (20)(i) July 18, 1997 THE STANLEY WORKS ANNOUNCES 8.1% INCREASE IN DIVIDEND PAYMENT ... 30TH CONSECUTIVE YEAR OF DIVIDEND INCREASES New Britain, Connecticut (NYSE: SWK ) ... The Board of Directors of The Stanley Works today announced a third quarter dividend of $.20 per share on the company's common stock, an increase of 8.1% over the second quarter dividend of $.185 per share. The dividend is payable on Tuesday, September 30, 1997 to shareholders of record at the close of business on Monday, September 8, 1997. John M. Trani, Chairman and Chief Executive Officer, stated: "This marks the 30th consecutive year in which we are able to increase the annual dividend payment to our shareholders. We are proud that 1997 dividend payments will extend our records for the longest consecutive annual and quarterly dividend payments of any industrial company on the New York Stock Exchange." The New York Stock Exchange recognized these achievements by inviting Mr. Trani to join NYSE Chairman Richard A. Grasso for the ringing of the opening bell for trading this morning. The Stanley Works is a worldwide producer of tools, hardware and specialty hardware for consumer, home improvement, industrial and professional use. Media: Video footage of Mr. Trani at the NYSE - - plus b-roll - - will be fed from 2:30 - 2:45pm ET and can be accessed through Galaxy C4, Transponder 10; NR Loop #102362 and Waterfront #1630. Photos will be provided to Associated Press, New York City. Contact: Gerard J. Gould Director, Investor Relations and Communications Tel.: (860) 827-3833 The Stanley Works corporate press releases are available through PR Newswire's Company News On-Call service. By FAX: dial 1-800-758-5804, ext. 874363 or on the internet at: http://www.prnewswire.com or http://www.StanleyWorks.com. Page 5 of 17