Black & Decker has said it will consider acquiring other companies to cultivate growth in the midst of a housing slump, but those acquisitions “need to make financial sense,” according to company CFO Mike Mangan. For the fiscal year, Mangan said sales likely will stay flat.
Black & Decker took part in an analyst meeting on Sept. 12 in New York. Company representatives said overseas growth and cost cutting would help manage anticipated weak sales because of the U.S. housing slump.
"We don't think things are going to get better in 2008, as far as the markets are concerned, but we do believe there are things we can do internally to grow earnings per share, even though the markets may not change," said Nolan Archibald, Black & Decker CEO.
Towson, Md.-based Black & Decker is a global manufacturer and marketer of power tools, hardware, home improvement products, fastening systems and accessories.