Black & Decker

Maker of tools and hardware.

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Headquarters:
701 East Joppa Rd.
Towson, MD 21286
Employees: 25,000
CEO: Nolan Archibald
Stock Symbol: BDK

Website: http://www.bdk.com

Career Site

Black & Decker is a leading global manufacturer and marketer of power tools and accessories, hardware and home improvement products, and technology-based fastening systems.

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 value.

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.

History

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 in 1917.

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.

Benefits

Medical
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 network.
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.
Dental
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 employee;
- 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.
Vision
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 reimbursement.
Prescriptions
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.
Vacation
- 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.
Automatic Coverage
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 pay.
- 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.
Adoption Benefits
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.

401(k) Plan
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.
Employee Contributions
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.
Rollover Contributions
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.
Company Contributions
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.
Vesting
The Plan provides immediate 100% vesting in Company Matching contributions.
Pension Plan
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 in-network fees.
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 health program.
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