HARDWARE STORES

Ace opens first store in Jordan

BY HBSDEALER Staff

Ace Hardware opened it first store Jordan, a unit on the third floor of a shopping mall, according to a news wire article.

Present for the Oct. 17 ribbon cutting at the Mecca Mall was Secretary General of the Ministry of Industry and Trade, Eng. Maha Ali.

Commenting on Ace-Jordan’s launch into the Jordanian market, Shukri Salfiti, CEO of Ace-Jordan, said: “We are enthusiastic about expanding our operations in the Jordanian market and dedicating our long-established retail expertise to meeting Jordanian citizens’ needs by providing the highest quality of products possible. Our work teams, which comprise over 50 employees, strive to deliver a unique shopping experience in order to build a long-term relationship based on trust and customer satisfaction.”

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Wisconsin store closes due to fire

BY HBSDEALER Staff

Ahardware store in Madison, Wis., has closed indefinitely after a fire caused an estimated $500,000 worth of damage Oct. 17, according to the Wisconsin State Journal.

According to the article, no one was hurt during the Sunday night blaze, but Hillsdale Ace Hardware’s 2,000-sq.-ft. warehouse was heavily damaged by fire, and its 14,000-sq.-ft. retail space suffered extensive smoke damage.

Owner of this and four other area hardware stores, Bob Lochner said he was unsure how much of the stores inventory could be salvaged, and it would remain closed until at least the end of next week.

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Sales up 153% at Stanley Black & Decker

BY HBSDEALER Staff

New Britain, Conn.-based tool giant Stanley Black & Decker says its corporate integration is moving ahead faster than expected, and will lead to $125 million in “cost synergies” in 2010 — $35 million more than planned.

Stanley Works and Black & Decker completed their merger in March. In its third-quarter earnings statement released Wednesday, Stanley reported net earnings of $123.2 million, up from $60.4 million in the pre-merger prior-year quarter.

Sales increased to $2.369 billion, up from a pre-merger $935.5 million, an increase of 153%.

New products and a smooth integration fueled the strong performance, according to Stanley Black & Decker president and CEO John F. Lundgren.

“We are very pleased with the organic revenue growth achieved across many of our businesses in the third quarter, which was driven by the launch of a number of successful new products and the impact of our commitment to outstanding customer service,” he said in a prepared statement. “The integration of Stanley Black & Decker is proceeding ahead of plan and based on our execution and experience to date, we now expect to realize $125 million in cost synergies in 2010, $35 million more than originally forecast. In addition, as we continue to analyze the revenue synergy potential for the combined company, we have reason to believe that execution of these initiatives will drive significant additional top-line growth in the coming years.”

The earnings report was the second since the company’s merger.

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