Black & Decker Reinstates 401(k) Match

Black & Decker Corp. is restoring pay cuts and the firm’s 401(k) match, according to published reports.

The Baltimore Sun said that the moves come as the power toolmaker’s financial outlook starts to improve, citing a regulatory filing.  The Towson, Maryland-based firm made the salary reductions in April, one of several cost-cutting moves it has made throughout the year. 

The disclosure came just a week after Black & Decker announced it was merging with Connecticut-based Stanley Works in a $4.5 billion all-stock deal.  However, according to the Sun report, a spokesman for Black & Decker said the salary reinstatements were planned and weren’t connected to the merger. 

“It was always intended to be temporary,” said the spokesman, Roger Young, according to the report.

Black & Decker also said Thursday that no decision has been made on whether to award merit increases next year. Employees will get bonuses that were already in place as well as pension benefits they have already earned, the company said, according to the Sun.