The power tool company announced it will not renew its agreement with Roush Fenway Racing to sponsor Matt Kenseth and the #17 Ford Fusion.

DeWalt announced today it will not renew its agreement with Roush Fenway Racing to sponsorMatt Kenseth, driver of the #17 Ford Fusion, for the 2010 NASCAR season. The company stated it will redirect its resources in light of “an unprecedented decline in the construction industry.”

Les Ireland, president of the North American power tools and accessories group for DeWalt, commented, “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. Having a presence at the track has provided a great experience for power tool users, our distribution partners, our employees and NASCAR fans.” 

During its sponsorship, Kenseth and the crew won the 2000 Rookie-of-the-Year Award, two World Pit Crew Championships, the 2003 Series Championship, and have qualified for the “Chase for the Cup” for every year since its inception.

“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 announced, and also confirmed that DeWalt will remain committed to the team for the 2009 season.