On Sept. 19, 2005, Standard&Poor's Ratings Services affirmed its ratings on The Stanley Works Co. (A/Stable/A-1) after Stanley's announcement that it will purchase privately held National Manufacturing Co. for $170 million. National is a North American-focused manufacturer of construction and general hardware that is primarily sold to lumber yards and construction cooperatives. This transaction and the purchase of Facom Tools from Fimilac S.A. (unrated) for €410 million ($494 million), which was announced in July, are expected to be financed with cash on hand and debt. The outlook is stable. Stanley's purchase of National, which had 2004 revenues of $200 million, and Facom, which had 2004 sales of €370 million ($445 million), will increase Stanley's revenue base by about
