SKIL to sponsor bike race
SKIL Power Tools has announced it will be the official tools sponsor for the USA Pro Cycling Challenge, a professional cycling competition bringing together 136 of the world’s top athletes to race more than 500 miles through the high altitudes of the Rocky Mountains.
The race, scheduled Aug. 22 to 28, will feature 17 teams, including the 23 cyclists on the SKIL-Shimano team from the Netherlands, which recently had one of its own, Marcel Kittel, make history for the team with his victory at the opening stage of the Tour of Poland in July 2011. This was the SKIL-Shimano’s first WorldTour win since the team formed in 2005.
SKIL Tools will be used to help build start-and-finish-line trusses, course-side fencing barriers, start-line and sign-in stages, and the finish-line podium. The brand also will have an on-site presence with an interactive gaming opportunity featuring SKIL Tools located at the festivals in the finish-line cities of Aspen and Denver, and at the time-trial location in Vail.
Fans can follow the SKIL-Shimano team by tuning in to watch live coverage of the race on the Versus Channel, NBC and the USA Pro Cycling Challenge online Tour Tracker. News and coverage updates will also be shared on SKIL’s Facebook page and Twitter handle (@skiltools) throughout the seven-day race.
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Riding out the weather, RONA posts sales decline
The one-two punch of bad weather and a weak economy took its toll on Boucherville, Quebec-based RONA’s second-quarter performance.
Canada’s largest distributor and retailer of hardware, renovation and gardening products posted second-quarter sales of C$34.2 million, down 2.4%. Same-store sales declined 9.6%. Net income amounted to C$39.5 million, down from C$66.3 million in the second quarter of 2010.
"For the second quarter in a row, very poor weather conditions, especially in April and May, and fragile consumer confidence significantly impacted our quarterly results," said Robert Dutton, president and CEO of RONA.
Across Canada, the months of March, April and May experienced poor weather conditions. In addition, RONA dealt with the absence of the home renovation tax credit at the beginning of the year.
Dutton pointed to "prudent" management through the first half. One example: The company increased penetration of its private-brand and controlled-brand products from 24% to 28%.
"Although there was less pressure on same-store sales in July, especially in Ontario, and sales in the kitchen and construction material categories were up sharply, we expect continued pressure on same-store sales overall until the end of the year in light of the fragile nature of consumer confidence in Canada and consumers’ careful approach to major renovation projects," Dutton said, in a prepared statement.
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In Sweden, Stanley buys shares of security firm Niscayah
New Britain, Conn.-based Stanley Black & Decker’s wholly owned Swedish subsidiary has acquired in total 72,005,890 class B shares of global security firm Niscayah Group.
The shares represent approximately 19.8% of the outstanding shares and approximately 13.9% of the total number of votes in Niscayah.
The acquisition of these shares was made through purchases outside of the company’s pending tender offer to acquire all the outstanding shares and warrants of Niscayah.
Stanley’s SBD Holding AB announced a public takeover offer to the shareholders of Niscayah in June.
Do you think it really was a
Do you think it really was a right time to have such a takeover of a security firm? By spending such a large amount of money to buy those shares, I can say that Stanley Black & Decker is making quite the gutsy move. I wonder if it will pay off in 2012.