Stanley Black & Decker Relocating Fastener Manufacturing Operations
FEATURE
Fasteners Have ‘Strong’ 2nd Quarter
Stanley Black & Decker’s Engineered Fastening business had a “strong” second quarter quarter, with sales growing 45% “driven by significantly higher light vehicle production.” Unit volume increased 44%, while price had a negative 2% impact and acquisitions added 3%.
Sales at the company’s Industrial segment, including Emhart Teknologies, more than doubled to $472 million during Q2, while segment profit soared 239% to $65 million.
Six-month Industrial segment sales gained 72% to $758.6 million, while profit jumped 135% to $103.1 million.
“Although the strength and speed of economic recovery in the developed nations remains unclear, the strategic actions we have taken in recent years, combined with robust new product and acquisition pipelines, have positioned us for exceptional sales and earnings growth both today and for several years to come,” stated CEO John Lundgren. ©2010 GlobalFastenerNews.com
Stanley Black & Decker Inc. will relocate some of its fastener manufacturing operations to Greenfield, IN, creating as many as 80 new jobs by 2012.
Manufacturing work from two existing Stanley Black & Decker locations, including one in Shelbyville, Ind., will be moved to a larger, 220,000 sq ft building in Greenfield. In addition to new jobs, workers at the existing Shelby County site will be transferred to neighboring Hancock County.
The new facility will manufacture industrial fasteners, various types of steel fasteners and industrial applications equipment and will assemble pneumatic tools.
Stanley Black & Decker owns fastener manufacturer Emhart Teknologies, a Shelton, CT-based company whose technology-based fastener and assembly products and systems are sold in more than 100 countries. Emhart has 2,500 employees in 39 operating facilities worldwide, with 2009 sales of $536.6 million.
Stanley Black & Decker was formed in March when The Stanley Works completed its merger with Black & Decker Corp. The two firms comprise more than 260 years in business and mutual expertise in tools and construction equipment. The new entity now has nearly 40,000 associates in locations across the world.
The Indiana Economic Development Corporation offered Stanley Black & Decker up to $600,000 in performance-based tax credits and up to $50,000 in training grants based on the company’s job creation plans. The city of Greenfield will provide additional incentives in the way of infrastructure assistance and tax abatements.
Stanley Black & Decker, an S&P 500 company, is a diversified global provider of hand tools, power tools and related accessories, mechanical access solutions and electronic security solutions, engineered fastening systems, and more. Web: stanleyblackanddecker.com ©2010 GlobalFastenerNews.com
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