The long-rumored acquisition of Powers Fasteners by Stanley Black & Decker has finally materialized.
In an announcement sent today to distributors of Powers Fasteners, representatives of Powers Fasteners and Stanley Black & Decker confirmed that Stanley Black & Decker’s Construction Do-It-Yourself (CDIY) division has purchased Powers Fasteners, effective today.
In an e-mail sent to distributors, Powers CEO Jeff Powers noted that Lenny Colasounno will continue to lead Powers North America and that Powers' core management team will remain intact with no changes on its commercial side.
As a separate operating group embedded within the Professional Power Tools Group, Powers will remain as a key brand, the announcement said.
Jeff Powers, CEO of Powers Fasteners, Lenny Colasounno, vice president of sales and marketing for Powers Fasteners and Robert Raff, president of commercial sales and marketing, CDIY, North America for Stanley Black & Decker, also included a video announcement of the acquisition earlier today. Click the image below to watch it: