Black & Decker to be Acquired By Stanley — What Will This Mean For Towson Employees and Towson House Values?
November 2, 2009 by Marney Kirk
Filed under Blog, Loch Raven Village, Towson
Monday, November 2, 2009 — Baltimore Business Journal reports that Towson-based Black & Decker is to be acquired by Stanley Works, with the deal/merger being completed in the first half of 2010.
What does this mean for its employees and the surrounding Towson community?
Stanley, based in Connecticut, states that the B&D Power Tools division, which has 1,250 employees, will remain fairly the same. The B&D headquarters, however, will no longer be employing most of its’ 250 workers.
The companies state in its SEC filings that less than 10% of each company will lose their jobs. That would be a total of 3,800 losses.
So what could this mean for Towson House Values? Well, it could have a negative impact, if there are a large group of people who will either be 1) Unable to continue making mortgage payments and need to sell in a short sale situation, or 2) Be relocated to Stanley’s corporate headquarters in New Britain, Connecticut.
As the merger/acquisition unfolds, I will be sure to keep track of the Towson real estate market trends and update accordingly. I am hoping the impact is not as great as I imagine it may be.
[...] number of large companies being bought or headquarters moved out of state, like Towson based Black & Decker ’s buy out by Stanley Works in [...]