The Black & Decker Corp. has entered into a cooperative business arrangement with Hitachi Koki Co., Ltd. in the power tool field. The agreement will enable the companies to source products from each other, exchange technology, cross-license patents, and cooperate on the development of new products.

In August, Cooper Tool Group's board approved the adoption of a policy which will result in the expensing of the cost of all stock options the company grants effective January 1, 2003.

U.S. toolmaker Stanley Works in New Britain, Conn., dropped its controversial plan to re-incorporate in Bermuda following widespread criticism of the company's strategy for avoiding millions of dollars in U.S. taxes, saying pending Congressional reforms would eliminate the need to move to the offshore tax haven.

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Kaman Corp. acquired RWG Frankenjura-Industrie Flugwerklager GmbH ... Riten Industries purchased Concentric Tool Co. ... Alcoa Inc. acquired the assets of Fairchild Fasteners ... Hughes Supply, Inc. purchased Utiliserve Holdings, Inc. ... Warren Electric Group sold eight Texas branch locations to The Reynolds Co. ... Gillani Consulting, Inc. acquired iristaDistribute from HK Systems ... Dynabrade acquired the assets and business of Nu-Matic Grinders, Inc. ...

Ohio Governor Bob Taft presented Dayton Progress Corp. with an Excellence in Exporting Award ... Graybar was recognized by Business Week magazine as the No. 3 private info-tech company ... Best Manufacturing received a Recognition Award for ISO quality achievements from the Georgia Institute of Technology's Economic Development Institute Center for International Standards & Quality ... Badger Mill Supply received IBC's Distributor MVP Award ... Toyota Motor Manufacturing, Kentucky, Inc., recognized Safety Today, Inc. with its TMMK 2001 Outstanding Business Partner Gold Award ... Interline Brands gave 2002 Vendor of the Year awards to suppliers including Sloan Valve for plumbing, Novo Industries for hardware, Eureka for janitorial and Milwaukee Tool for tools ... Pentacon, Inc. received a Boeing Q100 quality award.

Send Update information to associate editor Richard Trombly, 275 Washington St., Newton, Mass., 02458; call (617) 558-4289; fax to (617) 558-4327; or e-mail rtrombly@reedbusiness.com

At Safety Week 2002, the National Industrial Glove Distributors Assn. recognized David Cohen, cofounder of Magid Glove & Safety Mfg. Co., as the 19^th member of the NIGDA Hall of Fame. Cohen passed away in 1994 but his grandson Adam Cohen said he left his mark upon the safety industry and created a strong foundation for Magid's future. Today the company has 450 employees. The award was accepted by Adam Cohen, one of 11 family members working for the business today.

When flooding in the Quecreek Mine in Freidens, Pa. trapped a team of miners, RAM Motors & Controls in Leesport, Pa. and sister company W.M. Wagner Sales of Carrolltown, Pa. were on the scene within hours. The company supplied seven pumps to aid in the rescue. Two custom 300 horsepower submersible vertical turbine pumps capable of 300 gallons per minute were ordered from ITT Industries in Lubbock, Texas. The pumps were built and delivered on site within 22 hours.