DEWALT, a manufacturer of industrial power tools, announced today that it will not renew its agreement with Roush Fenway Racing to sponsor Matt Kenseth, driver of the #17 Ford Fusion for the 2010 NASCAR season. Although the company says its 12-year-sponsorship has been a valuable marketing tool, it has decided to redirect its resources due to an unprecedented decline in the construction industry.

“We have been proud to have Matt Kenseth, Robbie Reiser, Jack Roush and the entire #17 DEWALT Racing team at Roush Fenway Racing represent DEWALT in front of millions of NASCAR faithful," said Les Ireland, president of the North American Power Tools and Accessories Group for DEWALT, in a release. "Having a presence at the track has provided a great experience for power tool users, our distribution partners, our employees and NASCAR fans.”

“Our decision to discontinue the sponsorship, while a difficult one, will help us to continue delivering value to our customers and end users, while managing our financial results," Ireland added.