EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact:
Barbara Lucas Mark Rothleitner Samuel Cypert
Media Contact Investor Contact Investor/Media Contact
Black & Decker Black & Decker Masco
410-716-2980 410-716-3979 313-792-6646
MASCO CORPORATION AND THE BLACK & DECKER CORPORATION
SIGN LETTER OF INTENT FOR BLACK & DECKER TO ACQUIRE
MASCO'S BALDWIN HARDWARE AND WEISER LOCK BUSINESSES
Taylor, Michigan (July 1, 2003) - Masco Corporation (NYSE: MAS) and The
Black & Decker Corporation (NYSE: BDK) today announced that they have signed a
letter of intent in which Black & Decker will purchase from Masco Corporation
the Baldwin Hardware and Weiser Lock businesses.
Baldwin and Weiser, with combined 2002 net sales of approximately $250
million, manufacture and distribute a wide range of architectural and decorative
products for the home, including architectural hardware and locksets. The
transaction is subject to final negotiation of a definitive purchase agreement,
necessary regulatory clearances and Board of Director approvals. The transaction
is expected to close later in 2003.
According to Black & Decker Chairman and CEO Nolan D. Archibald, "The
acquisition of these strong brand names provides an excellent strategic
opportunity for Black & Decker's further expansion of its lock and door hardware
business by offering these products in all price ranges."
Masco Corporation Chairman and CEO Richard A. Manoogian commented, "We
believe that the combination of Baldwin and Weiser with Black & Decker will be
advantageous for these businesses since architectural hardware and locksets are
core businesses for Black & Decker."
Headquartered in Taylor, Mich., Masco Corporation is one of the world's
leading manufacturers of home improvement and building products as well as a
leading provider of services that include the installation of insulation and
other building products.
Masco Corporation's press releases and other information are available
through the Company's toll free number, 1-800-MAS-NEWS, or you may visit Masco's
website at www.masco.com.
Headquartered in Towson, Maryland, Black & Decker is a leading global
manufacturer and marketer of power tools and accessories, hardware and home
improvement products, and technology-based fastening systems.
Black & Decker's press releases and other information are available
through the Company's toll free number, 1-800-992-3042, or you may visit Black &
Decker's website at www.bdk.com.
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Statements contained herein may include certain forward-looking statements
regarding Masco's future sales, earnings growth potential and other
developments. Actual results may vary materially because of external factors
such as interest rate fluctuations, changes in consumer spending and other
factors over which management has no control. Additional information about our
products, markets and conditions, which could affect our future performance, is
contained in the Company's filings with the Securities and Exchange Commission
and is available on Masco's website at www.masco.com.
Statements in this press release regarding Black & Decker Corporation's business
which are not historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and uncertainties, which
could cause actual results to differ from those contained in the forward-looking
statements, see the "Forward-Looking Statements" sections in the Company's
reports filed with the Securities and Exchange Commission, including but not
limited to its Annual Report on Form 10-K for the most recently ended fiscal
year and Quarterly Report on Form 10-Q for the most recently ended fiscal
quarter. These reports are available on Black & Decker's website at www.bdk.com.
Black & Decker undertakes no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events or otherwise.