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End of 2009 Stock Report: STANLEY BLACK & DECKER

2009
Fastening and Assembly Systems revenue at Black & Decker decreased 24% to $536.6 million in 2009, and profit slipped 62% to $39.5 million. 

Operating margin fell to 7.4%, “primarily due to the automotive industry collapse early in the year.” 

The $3.5 billion Stanley Black & Decker merger, completed in March 2010, gave Stanley a 50.5% stake in the new $8.4 billion industrial supplier. 

Included in the deal was Shelton, CT-based Emhart Teknologies, a global manufacturer of fasteners and assembly systems whose technology-based assembly products and systems are sold in more than 100 countries. Emhart has 2,500 employees in 39 operating facilities worldwide. 

In 2010 Emhart acquired aerospace fastener maker Fastener Innovation Technology Inc. of Gardena, CA. 

“Combined with our Heli-Coil initiatives and the 2008 purchase of Spiralock Corporation, bringing FIT under the Emhart brand enables us to integrate the finest aerospace fastener platforms into a single-source organization,” said Emhart president Michael Tyll. 

“This acquisition allows us to better serve the aerospace, military and commercial aircraft industries.” 

FIT has long-term customer relationships with Boeing, Honeywell, Bell, GE, Pratt & Whitney, Embraer and Gulfstream Aerospace Corp. 

Former Acument Aerospace executive Randy Aardema was named general manager of FIT. 

Fastening and Assembly Systems sales dropped 34% to $124.1 million in the first quarter of 2009, while segment profit plunged 91% to $2.4 million. 

“Sales to the global automotive industry fell nearly 40%, slightly less than the decline in automotive production,” the company reported. “Sales were also down sharply in the industrial business, as global manufacturing slowed significantly.”

2008
Fastening and Assembly Systems revenue at Black & Decker declined 2% to $700 million during 2008, with segment profit dropping 7% to $103.3 million. The results ended a six-year run of consecutive sales gains for the fastener segment.

“The Fastening and Assembly Systems segment (Emhart Teknologies) has historically been our most consistent, both in terms of sales and profitability,” the company stated. “While it performed better than our other segments for the full year, its results were unusually weak late in the year due to dramatic slowing in the automotive industry.”

In September 2008 Black & Decker paid $24.1 million to acquire threaded fastener maker Spiralock.

HISTORY
Principal fastener facilities are located in Danbury, CT; Montpelier, IN; Campbellsville and Hopkinsville, KY; Chesterfield, MI; Birmingham, England; Giessen, Germany; and Toyohashi, Japan. 

Corporate Office: 1000 Stanley Dr., New Britain, CT 06053. 
Tel: 860 225-5111
Web: stanleyblackanddecker.com and emhart.com
CEO: John Lundgren
Fastener executive: Michael Tyll, president of Fastening & Assembly Systems
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