"We bought them because they're able to grow sales rapidly," Jerry Gould, vice president for investor relations, tells GlobeSt.com. "We didn't buy them to start reducing workforce or closing facilities. They are the kind of addition we need."The 38-year old Contact East, a business-to-business distributor of tools for the electronics industry, will operate as a subsidiary of Stanley Works, one of the largest tool makers in the country. Revenues for last year were reportedly $2.75 billion. Kai Juel, the current president and CEO of Contact East, will continue to lead Contact East as well as a Stanley subsidiary, Jensen Tools, which supplies tools and equipment to the computer, semiconductor and telecommunications industries.
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