Contact: Barbara B. Lucas
                                        Senior Vice President - Public Affairs
                                        410/716-2980

                                        Mark M. Rothleitner
                                        Vice President - Investor Relations
                                        and Treasurer
                                        410/716-3979


FOR IMMEDIATE RELEASE:  Friday, December 15, 2000

SUBJECT: Black & Decker Lowers Earnings Expectations for Fourth Quarter 2000 and
         for 2001

TOWSON, MD - The Black & Decker Corporation (NYSE:BDK) today announced that, due
primarily to significantly  lower-than-anticipated sales in U.S. Power Tools and
Accessories and earnings declines in its European power tools business, earnings
for the fourth quarter of 2000,  excluding  non-recurring items, are anticipated
to be $.95 - $1.05 per diluted share.  Consequently,  diluted earnings per share
for the full year,  excluding  non-recurring  items,  are expected to be $3.48 -
$3.58 versus $3.40 in 1999.

     Sales for the  fourth  quarter of 2000 are  likely to be  approximately  6%
lower than in the fourth quarter of 1999. Although some manufacturing operations
have been  closed  for the  remainder  of the year in order to manage  inventory
levels,   the   Corporation   anticipates   that  year-end   inventory  will  be
approximately $800 million.

     The Corporation  also indicated that, if economic  weakness in the U.S. and
Europe continues,  it anticipates that sales and diluted earnings per share will
be flat or down  modestly  for the first half of 2001  versus the same period of
2000.  For the full  year  2001,  however,  sales,  excluding  foreign  currency
effects,  and diluted earnings per share are expected to increase  approximately
4% and  approximately  10%,  respectively,  over  2000  levels,  reflecting  the
significant number of new products scheduled for introduction in the second half
of the  year  and  anticipated  expense  reductions  throughout  the  year.  The
Corporation  will provide  further  information  on the outlook for 2001 when it
announces 2000 earnings in January.

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Page Two

     Nolan D. Archibald,  Chairman and Chief Executive Officer,  commented, "The
slowdown  in  the  U.S.  and  European  economies  and  the  related  impact  on
fourth-quarter  sales,  particularly because of inventory adjustments by some of
our major power tools and accessories customers,  was much more substantial than
we had expected. As a result, our prior sales and earnings estimates will not be
achieved.  Our  current  view  is that  operating  income  in  Power  Tools  and
Accessories  will be down from the fourth quarter of 1999 because of lower sales
and the  negative  impact of price  reductions,  especially  in our  accessories
business,  in  anticipation  of higher sales volumes that have not  materialized
during the quarter.  In addition,  operating margins in our European power tools
business  remain under strong  pressure due to currency,  price  competition  in
consumer  power  tools,  lower  manufacturing  volumes,  and  incremental  costs
associated with the start-up of the central distribution facility. The temporary
shutdown of some power tool plants around the world to reduce  inventories  also
will have a negative effect on margins in the quarter.

     "Having  met or  exceeded  Wall  Street  expectations  for  15  consecutive
quarters,  we are  particularly  disappointed  with these  developments.  We are
confident, however, that we have made the right investments to achieve long-term
growth  in our  core  power  tools  and  accessories  business  and  are  better
positioned  than our  competitors.  We have excellent  products,  leading market
share positions,  and prime shelf space in our retail channels,  and we continue
to  strengthen  our share  position,  especially  in our U.S.  professional  and
consumer tool businesses.  Our strategy to invest  internally in engineering and
other new-product resources has produced  great success in developing our DEWALT
franchise and reinvigorating  our Black & Decker consumer tool business.  It has
given us a competitive  edge in the marketplace that will enable us to withstand
this  slowdown  and regain  momentum as  economic  conditions  improve,  and has
fundamentally  strengthened our company for the long term. We intend to maintain
our commitment to  strengthening  our new-product  capabilities and believe that
this strategy will pay off handsomely in the second half of 2001 and beyond.

     "We anticipate that the slower U. S. and European  economies and challenges
in our European business will continue into the first half of 2001. In response,
we are  taking  actions  to  realign  our  expense  structure  to our new  sales
estimate.  In addition,  a wide range of innovative  new products and more sales
from new DEWALT  products  than ever  before  will have a  significant  positive
impact on the second half of the year. In conjunction with our expense reduction
efforts,  these new products  should  enable us to increase  sales and operating
income in the second half of 2001.

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Page Three

     "Although  sales in our Hardware and Home  Improvement  and  Fastening  and
Assembly  Systems  businesses  are also weaker than  expected due to the slowing
U.S.  economy,  fourth-quarter  sales in each of these segments are likely to be
flat or up slightly  versus last year. In  comparison  to the fourth  quarter of
1999,  operating  income is expected to improve in Hardware and Home Improvement
and to decline  modestly in Fastening  and Assembly  Systems,  primarily  due to
sales mix and pricing pressure."

     The Corporation will hold a conference call today at 10:00AM EST to discuss
its business  performance.  A webcast of the call will take place simultaneously
and can be  accessed  by  visiting  www.vcall.com.  A replay of the call will be
available at Vcall's website through 5:00PM EST, Monday, December 18, 2000.

     This  release  includes  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934. By their nature,  all  forward-looking  statements involve
risks  and  uncertainties.  For a more  detailed  discussion  of the  risks  and
uncertainties  that may affect Black & Decker's  operating and financial results
and its  ability to achieve the  financial  objectives  discussed  in this press
release,  interested  parties should review Black & Decker's  reports filed with
the Securities and Exchange Commission including the Current Report on Form 8-K,
filed December 15, 2000.

     Black & Decker is a leading global manufacturer and marketer of power tools
and accessories,  hardware and home improvement  products,  and technology-based
fastening systems.
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