Stanley Black & Decker sales increase 12%
Construction and DIY (CDIY) business performed "admirably" for Stanley Black & Decker during its second quarter. But the real new news, according to President and COO James Loree was "the emergence of solid organic growth in industrial and a growing order book in security."
Stanley posted second quarter revenues of $2.9 billion, an increase of 12%. Net earnings increased to $187.1 million, up 20.1% from the same quarter last year.
In the CDIY segment, Stanley sales increased 9%, as headwinds in the North America outdoor market and a softer Latin America market dissipated, as the company expected.
"Our DIY business continues to perform admirably due to a confluence of positive factors including favorable U.S. market conditions, share gains derived from new product introductions and revenue synergies, storng supply chain executition driven by Stanley Fulfillment System and growing penetration of emerging markets in connection with our organic growth initiative," said Loree.
Net sales in the industrial segment rose 28%.
Viking Range recalls built-in refrigerators
Viking Range is expanding its previous recall of Viking built-in 36-in. wide refrigerators with bottom freezers, previously recalled in 2009 and recently renewed due to 39 additional reports of falling refrigerator doors.
Twelve of these reports involved bodily injury (fractures, bruises, strains and cuts), and 25 involved property damage. The 39 recent reports are in addition to the 57 that led to the initial recall.
The Consumer Product Safety Commission is urging consumers with faulty doors to contact Viking for a free in-home repair.
"Consumers should stop using the recalled refrigerators if the door does not appear to be sealed properly, the door is sagging or it fails to open or close normally," stated the CPSC. "If the door is working properly, consumers can continue to use the refrigerator until it has been repaired."
The recall affects approximately 31,000 units with serial numbers 110105 – 081012 (model numbers DDBB363, DDBB536, DTBB363, DFBB363, DFBB536 and FDBB5361) and 110105 – 080512 (model numbers VCBB363, VCBB536, VCBB5361, VIBB363 and VIBB536).