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Stanley Works To Acquire Contact East

NORTH ANDOVER, MA-Stanley Works, one of the largest tool makers in the country, will acquire locally-based Contact East Inc. The New Britain, CT-based company says that Contact East will remain in its facilities here.

By Naomi Grossman | Updated on April 13, 2001

NORTH ANDOVER, MA-Stanley Works will acquire locally-based Contact East Inc. in a deal in which Stanley Works will acquire 100% of Contact East’s stock. Officials from New Britain, CT-based Stanley Works are emphatic that Contact East will remain in its facilities here.

“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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