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Reuters
Black & Decker to Buy Power Toolmaker
Monday July 19, 11:55 am ET
By Karen Jacobs
ATLANTA (Reuters) - Toolmaker Black & Decker Corp. (NYSE:BDK - News)on Monday said it will buy Pentair Inc.'s (NYSE

NR - News) power tools group for about $775 million, nearly doubling the sales of its North American professional tools business.
Black & Decker also reported a 61 percent rise in second-quarter profit, and its shares jumped 14 percent to a more than 20-year high.
Black & Decker, maker of DeWalt drills, Kwikset locks and Price Pfister faucets, said the Pentair business being acquired includes the Porter-Cable, Delta, DeVilbiss Air Power, Oldham Saw, and FLEX brands. It said the acquisition would add to earnings, beginning in 2005.
"It gives them a lot more critical mass within the pro power tool category and makes a lot of sense from a financial standpoint," said Longbow Research analyst David MacGregor.