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Stanley Works Allies with Home Depot
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Business New Haven
3/4/2002
By: BNH
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NEW BRITAIN - Tool maker the Stanley Works (NYSE: SWK) has announced a strategic alliance with Home Depot Inc. (NYSE: HD), including a five-year agreement to supply products to the home improvement retailer.
Under the new agreement Home Depot named Stanley its principal national supplier of branded hand tools, and Stanley will continue as Home Depot's supplier of Husky branded mechanics tools and toolboxes under a 1992 license agreement. Stanley will also be principal national supplier of pneumatic fastening tools and builder's hardware.
The companies said the increased presence of Stanley's products in Home Depot's stores is expected by the summer of 2002.
Earlier last month Stanley announced that it would be incorporated in tax-haven Bermuda to save about $30 million a year in taxes.
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