Black & Decker sales up, earnings down
Towson, Md.-based Black & Decker reported net earnings for the third quarter ended Sept. 30 of $104.6 million, down from $125.1 million for the same quarter last year, a 16 percent loss.
Net sales for the quarter were $1.63 billion, up 1.5 percent from third-quarter 2006 sales of $1.61 billion.
Nolan D. Archibald, chairman and CEO said, “Solid growth in many of our businesses, combined with favorable currency, enabled Black & Decker to increase sales despite weak markets in North America.”
Black & Decker is a global manufacturer of power tools and accessories, hardware and home improvement products and technology-based fastening systems.
Paslode Industrial changes name
Paslode Industrial will be changing its name to ITW Industrial Fasteners.
The Elgin, Ill.-based manufacturer is a subsidiary company of Illinois Tool Works and manufactures both the Paslode and Duo-Fast brands.
“Our new organizational name was precipitated by the segmentation of Paslode into two separate businesses — Paslode Construction and Paslode Industrial,” said Bruce Jacobs, general manager of ITW Industrial Fasteners. “Each of these businesses has its own business model and strategies and focuses on different trades. Our name change to ITW Fastening underscores these differences and helps eliminate confusion.”
Jacobs added that the company will operate under a separate database system as well.
ITW Industrial Fasteners is a worldwide manufacturer of wood-to-wood fastening systems and has more than 450 distributors and dealers worldwide.
Sales up at Stanley Works in third quarter
New Britain, Conn.-based Stanley Works reported its third-quarter results for this year, showing net earnings of $91.4 million, up 1 percent from $90.5 million for the same quarter last year.
Net sales increased 12 percent for the quarter, to $1.13 billion up from $1 billion for the same quarter last year.
The company attributes the growth in part to sales increases in Europe, Australia, Latin America and Asia, which helped to offset the lagging construction and DIY market in the United States.
“We were able to deliver solid earnings and cash flow results this quarter in spite of the challenging environment in U.S. CDIY,” said John F. Lundgren, chairmen and CEO for Stanley Works.
The company also reported that 20 points of its sales increases were attributed to security acquisitions.
“We are pleased with the status of acquisition integrations, as well as the stabilization of the legacy USSI business. Security Solutions attained the highest segment profit percentage in our portfolio, and Bostitch (within the CDIY segment) continued to deliver solid progress toward better financial performance,” said Lundgren.
Stanley Works is a worldwide supplier of tools and engineered solutions for professional, industrial and DIY use.