500 Job Source
701 East Joppa Rd.
Towson, MD 21286
CEO: Nolan Archibald
Stock Symbol: BDK
Black & Decker is a leading global
manufacturer and marketer of power tools and accessories, hardware
and home improvement products, and technology-based fastening
The company's products and services are
marketed in more than 100 countries with manufacturing operations
in 11 countries. Black & Decker has established a reputation
for product innovation, quality, end-user focus, design, and
The company has three main business segments:
- Power Tools and Accessories
The Power Tools and Accessories segment manufactures and markets consumer power tools, accessories, electric lawn and garden tools, and electric cleaning and lighting products under the Black & Decker brand, and high-performance power tools, accessories, industrial equipment, laser products and air compressors under the DEWALT, Porter-Cable and Delta brands. This segment also provides product service and operates factory outlet stores. Headquartered in Towson, MD, this segment accounted for sales in 2008 of $4.3 billion.
- Hardware and Home Improvement
The Hardware and Home Improvement segment manufactures and markets security hardware products under the Kwikset, Baldwin, and Weiser brands; general hardware, decorative hardware and other home improvement products under the Baldwin brand; and plumbing products under the Price Pfister brand. Headquartered in Lake Forest, CA, this segment accounted for sales in 2009 of $900 million.
- Fastening and Assembly Systems
Serving the global automotive and industrial markets, the Fastening and Assembly Systems segment, known as Emhart Teknologies, applies advanced technology to the business of product assembly. It is the originator of several highly recognizable brands, including POP blind rivets, Parker-Kalon screws, Gripco locknuts, HeliCoil wire inserts, Dodge inserts, Tucker stud welding equipment, and Warren plastic and metal fasteners. Headquartered in New Haven, CT, this segment accounted for sales in 2008 of $700 million.
In 2008, Black & Decker reported revenues of $6.8 billion and net income of $293.6 million.
In November, The Stanley Works, a worldwide supplier of quality tools and engineered solutions for industrial, construction and do-it-yourself use, and security solutions for commercial applications, said it would merge with Black and Decker. The new company will be called Stanley Black & Decker, an $8.4 billion global industrial leader in an all-stock transaction valued at approximately $4.5 billion.
John F. Lundgren, Chairman and Chief Executive Officer of Stanley, will be President and Chief Executive Officer of the combined company. Nolan D. Archibald, Chairman, President, and Chief Executive Officer of Black & Decker, who has been CEO for 24 years, will be Executive Chairman of the combined company for three years.
The combined company will retain a presence in both Connecticut and Maryland, with its corporate headquarters in New Britain and the Power Tools headquarters remaining in Towson.
In the early 1900's, the electric drill
weighed upwards of 50 pounds, required two people to operate
it and a third to control the power source. But in 1917, on a
kitchen table, S. Duncan Black and Alonzo B. Decker, Sr. conceived
the first portable drill. It had occurred to them that shaping
the drill like a pistol would make it easy to handle, and a trigger
switch would provide a convenient power source. The two founded
a small machine shop called the Black & Decker Manufacturing
Company. Its first plant opened in Towson, MD, a suburb of Baltimore
Company stock began trading on the New
York Stock Exchange in 1936.
In 1984, Black & Decker acquired General
Electric Company's small household appliance business. The deal
allowed the company to expand its product lines into the kitchen
and inside the home with irons, toaster ovens, mixers, blenders
and coffee makers.
Black & Decker's Medical Plan is available to regular full-time
and regular part-time employees and their families. The cost
for this coverage is shared by the Company and its employees.
The Black & Decker Medical Plan is a network-based plan.
Every time participants need care, they decide which doctor,
provider, or facility to use. The cost of services and the procedures
for filing claims depend on whether the participant uses a provider
who is part of the network or seeks treatment outside of the
Each Medical Plan option covers the same services, regardless
of the provider. For both in-network and out-of network services,
the Medical Plan provides benefits for preventive care, office
visits, surgery and hospitalization, well-woman care, pregnancy,
durable medical equipment, lab and X-ray, chiropractic care,
emergency room, hospice, and outpatient rehabilitative therapy,
as well as other services.
Black & Decker's Dental Plan is available to regular full-time
and regular part-time employees and their families. The cost
for this coverage is shared by the Company and employees.
Coverage under the plans includes:
- Preventive care such as regular exams, cleanings, and X-rays,
which are covered at 100% of the reasonable and customary charge
with no deductible;
- Basic services such as fillings and oral surgery, which are
subject to an annual deductible and require copayments by the
- Major services such as dentures, crowns, and bridgework, which
are subject to an annual deductible and require copayments by
the employee; and
- Orthodontic services, which require copayments but are not
subject to a deductible.
Employees who participate in the Black & Decker Medical Plan
are au?tomatically enrolled in the Vision Care Program. Each
year, employees can receive an eye examination and an allowance
towards the purchase of new glasses or contact lenses. Employees
can use any optician or eye doctor they wish. Charges are paid
by the employee at the time of the visit and then submitted for
Participants in the Black & Decker Medical Plan are covered
by a com?prehensive prescription drug program. If employees need
a prescription right away, or if they will be taking medication
for a short time, they use the retail program, CIGNA Pharmacy.
When using any participating pharmacy, employees will pay only
a modest co-payment for a 30-day supply of medication. For long-term
maintenance medication, a mail order service, CIGNA Tel-Drug,
is offered. Through CIGNA Tel-Drug, employees pay a modest co-payment
for a 90-day supply of medication.
- Vacations and holidays vary by location. Each site maintains
its own policies and practices regarding time off with pay.
- Starting in the third month of employment, employee earns 1
day per month.
- Employee earns 2 weeks of vacation after one year of service
Life Insurance Plan
Life Insurance coverage is automatically provided by Black &
Decker to all eligible employees. In addition, Black & Decker
offers additional insurance coverage for employees and their
family members at a very low cost.
Black & Decker automatically pays for three types of life
insurance coverage for all employees, including:
- Basic Term Life Insurance, which equals two times annual base
- Accidental Death and Dismemberment (AD&D) coverage which
equals two times annual base pay.
- Travel Accident coverage, which provides at least $100,000
in coverage for all employees. Beneficiaries receive benefits
if an employee dies or loses a limb or their eyesight in an accident
while traveling on Company business.
Disability Insurance Plan
The Disability Plan replaces part of employees' lost income when
they are unable to work due to illness or injury, and helps them
to return to work. For the first six months employees are unable
to work, short term disability benefits replace 67% or 100% of
their pay, depend?ing on whether they are non-exempt or exempt.
After employees have been disabled for six months, long term
disability benefits are available for regular full-time and regular
part-time employees. Dependents are not eligible for this coverage.
Dependent Care Reimbursement Account
The Dependent Care Reimbursement Account gives employees a tax
break on the money they spend for child care or elder care while
they are at work. Employees may set aside up to $5,000 per year
through payroll deduc?tion on a pre-tax basis. Participants can
be reimbursed for day care expenses on a weekly basis.
Child and Elder Care Consultation and Referral Service
Black & Decker offers employees a comprehensive child and
elder care consultation and referral service, free of charge.
The service can assist employees in locating regulated providers
that may meet their needs.
Employees may receive reimbursement of 50% of eligible adoption
expenses, to a maximum of $5,000. The reimbursement represents
taxable income to the employee. Benefits are limited to one adoption
per employee per year
Sales to Employees
Discount on Black & Decker merchandise in company stores
and services centers.
The 401(k) Plan is a defined contribution retirement savings
plan. Generally, all regular full-time and regular part-time
employees are eligible to join the Plan as of their date of hire.
Employees may save from 1% to 25% of pay, in whole percentages,
on a Before-Tax or After-Tax basis, or a combination of both.
The contribu?tions of highly compensated employees, as defined
by IRS rules, may be limited.
Employees may make a rollover contribution of the taxable portion
of a qualified rollover distribution received from a previous
employer's qualified retirement plan. The rollover contribution
may be made at any time.
After one year of service, Black & Decker matches a percentage
of the employee's combined Before-Tax and After-Tax contributions
up to 6% of pay. The Company matching percentage is determined
each year by the Company. The Company's matching contributions
are made in shares of The Black & Decker Corporation common
stock, which gives employees direct participation in the Company's
future. Employee contributions of 7% through 25% of pay are not
matched by Company contributions.
The Plan provides immediate 100% vesting in Company Matching
Black & Decker's Pension Plan is a defined benefit plan,
which is provided by the Company at no cost to employees. Regular
full-time and regular part-time employees are eligible to participate
when they have completed at least one year of service. This benefit
provides employees with a continuing income for life after they
meet the age and service requirements. It gives them the opportunity
to retire as early as age 55 with five years of service; it provides
them with a continuing income for their spouses after the employee's
death; and it allows them to earn a permanent vested right (after
five years of service) to receive a benefit at retirement even
if they leave Black & Decker before reaching age 55.
Healthcare Reimbursement Account
All Black & Decker regular full-time and regular part-time
employees are eligible to participate in the Health Care Reimbursement
Account. The Reimbursement Account lets participants save up
to $5,000 (pre-tax) for medical and dental expenses not reimbursed
by the medical or dental plan. Examples of reimbursable expenses
include deductibles, co-payments, and charges above the negotiated
Educational Assistance Program
Regular full-time employees may receive reimbursement of 100%
of their tuition and 50% (up to $150 per course) of required
textbooks and software for successfully completing an approved
credit course or a job-related non-credit course. The maximum
annual reimbursement is $5250 for undergraduate coursework and
$7500 for graduate coursework. This is Black & Decker's tangible
encouragement to full-time employees who want to increase their
knowledge and experience through a course of study pursued outside
regular work hours.
Matching Gifts Program
Employee contributions to a college, university, charitable,
or other service organization may be supplemented by Black &
Decker through our Matching Gifts Program. This program is available
to regular full-time employees only.
Employee Assistance Program
An Employee Assistance Program (EAP) is offered to employees
and their families. The Employee Assistance Program offers two
services: a counseling and referral program and an online personal
Counseling and Referral Program
Counselors ask what type of assistance is needed and may schedule
a private appointment with a counselor. Participants will be
referred to network providers and will pay less when using a
network provider. However, participants may use any licensed
psychiatrist, psychologist, or social worker. If the counselor
is not licensed, the Plan will pay no benefits, and the participant
must pay the full amount for services.
Updated November 30, 2009