MD: Governor Martin O'Malley Announced Loan to Upgrade Stanley Black & Decker's Baltimore County Campus
7 Apr, 2011
Project will retain 1,100 jobs in Towson
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Governor Martin O’Malley recently announced that the State has extended an offer to provide a $1 million conditional loan through the Maryland Economic Development Assistance Authority and Fund (MEDAAF) to assist Stanley Black & Decker in upgrading its Construction and Do-It-Yourself (CDIY) world headquarters in Towson, Md. The project preserves 1,100 full-time permanent jobs in Baltimore County and solidifies the future of a legacy company in Maryland.
Stanley Black & Decker is investing $12 million over five years to transform the 33-acre campus, which dates to 1917, into a world-class center for product development and engineering, modernizing buildings and employing techniques to reduce energy consumption and embrace green technology.
“For more than 100 years, Stanley and Black & Decker have changed the way we pursue our hobbies, make home repairs and construct our buildings,” said Governor O’Malley. “It is this entrepreneurial spirit that led Duncan Black and Alonzo Decker to set up shop in Maryland, and it is the same dedication to discovery and innovation that will move us forward into the new economy. With this project, we will not only protect and create jobs for our families, but together, we will continue supporting the skills and talents of generations to come.”
“When we located the company's CDIY headquarters in Towson, we made a commitment to our employees that we'd upgrade their facilities to a state befitting their world-class talent," said Jeffery D. Ansell, Senior Vice President and Group Executive of Stanley Black & Decker Construction & DIY. “Partnership with the State of Maryland and Baltimore County was absolutely essential to helping us make this commitment a reality.”
The Towson campus houses the company’s research and development, engineering, prototyping, IT, and support functions for Stanley Black & Decker’s Construction and DIY operations. Baltimore County offered a conditional loan of up to $100,000 for upgrades and improvements to the property, in addition to workforce recruitment assistance. As the Stanley Black & Decker facility is located in the Towson Commercial Revitalization District, the company may be eligible for a property tax credit.
“Baltimore County has a great tradition of being a place where lasting ideas are born and take root,” said Baltimore County Executive Kevin Kamenetz. “Stanley Black & Decker’s investment assures that their next great ideas will be born, designed, engineered and brought to customers from a world class center headquarters in Towson.”