The Stanley Works, the worldwide supplier of tools, hardware and door systems for professional, industrial, and consumer use headquarted in New Britain, Conn., and Frisco Bay Industries Ltd., St. Laurent, Quebec, jointly announced that they have entered into an agreement whereby a subsidiary of Stanley will make offers to acquire 100 percent of the outstanding share capital of Frisco Bay. The offers are expected to close before the end of the first quarter of 2004.

The transaction is valued at approximately U.S. $45.3 million.

If the offers are successful, Frisco Bay will become part of Stanley’s security solutions business.

Frisco Bay is a leading Canadian integrator of security solutions, with annual sales of approximately $40 million and employment of about 200 people, mostly in Canada. The company designs, develops, markets and installs self-service and financial transaction processing and integrated security systems predominantly for financial institutions, government agencies, and major industrial corporations.