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Our Bureau

Mumbai , Nov 3

Stanley Works, a US-based manufacturer of tools and security products, announced its entry into the Indian market on Friday.

"Stanley is entering the Indian market after researching it for over 18 months. We feel that this is a fantastic time to enter the Indian market and hope to be the market leader in India in 3-5 years," Mr Alex Claypool, Vice-President (Sales and Business Development), Asia, told newspersons.

Currently, Stanley Works has manufacturing arrangements with about 10 vendors in India who supply tool components worth around $20 million to service the company's global market.

Domestically, the tools will be sold through a network of distributors and dealers.

The company will be setting up a distribution centre to start selling its tools to both industries as well as to household consumers.

"It is time for us to diversify geographically and bring our products to emerging economies," said Mr Donald McIlnay, Senior Vice-President and President of Industrial Tools/Emerging Markets Group.

He added that acquisitions in India are a distinct possibility.

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