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, January 3, 2003

Subject:   Black & Decker Affirms Comfort with Consensus  Earnings Estimates for
           Fourth Quarter 2002

Towson, MD - The Black & Decker  Corporation (NYSE: BDK) today announced that it
expects  recurring  diluted  earnings  per share  will meet or exceed  analysts'
consensus  estimates of $1.01 for the fourth quarter and $3.19 for the full year
2002. Nolan D. Archibald,  Chairman and Chief Executive Officer,  commented, "We
expect to deliver  excellent  operating  profit  improvement on low single-digit
sales growth for the fourth quarter, as we had anticipated.  As a result, we are
comfortable  with the consensus  earnings  estimate for the fourth quarter." The
Corporation  will release details  regarding its fourth quarter 2002 results and
the outlook for 2003 on Thursday, January 30, 2003.

     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 the  "Forward-Looking  Statements"
sections in Black & Decker's  reports  filed with the  Securities  and  Exchange
Commission,  including  the Annual Report on Form 10-K for the fiscal year ended
December 31, 2001,  and the Quarterly  Report on Form 10-Q for the quarter ended
September 29, 2002.

     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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