Stanley Black & Decker posts huge gains
Thanks to the inclusion of Black & Decker’s performance in the combined results of Stanley Black & Decker, the New Britain, Conn.-based tool maker reported a 142.8% jump in fourth-quarter net income to $178.0 million, up from $73.3 million.
Sales for the quarter were $2.4 billion, up 149% compared with $969.4 million for the same period last year.
"2010 was a landmark year for Stanley Black & Decker, driven largely by the significant progress we made in integrating Black & Decker,” said John Lundgren, president and CEO. “Notably, we were able to achieve 7% organic growth for the year on a pro forma basis amid an uncertain economic environment while continuing the integration in a manner that allowed us to exceed our original cost synergy targets.”
For the full year, net earnings were $619.3 million, up 151.3% from $246.4 million reported for 2009.
Sales for the year were $8.4 billion, up 125% from $3.7 billion last year, again due to the inclusion of Black & Decker’s results.
For the year, the company reported revenues in emerging markets up 29%, primarily driven by growth in Latin America.
Lundgren said the company continues to focus on the integration of Black & Decker by embedding the Stanley Fulfillment System across the entire company.
“We realize that our continued success is dependent upon the ongoing integration of Black & Decker, which is now in a critical phase that includes intensive and often interdependent systems conversions as well as changes within our plant and distribution center networks,” he said.
Looking forward, the company expects organic net sales to increase 5% to 6% from combined company pro-forma level of $9.3 billion for 2011.
New from American Lock: stainless steel, solid padlock
Designed with complete corrosion-resistant construction, the padlocks are described as ideal for heavy-duty industrial and marine applications. They offer custom made-to-order options to fit any application, with a stainless steel exterior and stainless steel and brass internal components.
The company said the locks "withstood rigorous testing to attain ASTM grade 6 status," the highest status awarded. They are available in 1-3/4-inch and 2-inch padlock widths, with a choice of 1-1/8-inch or 2-inch shackle heights.
Odorless propane sparks recall
Most propane is treated with an ingredient that smells like spoiled eggs when the tank leaks. This safety measure helps consumers detect leaks. But some of the propane in about 700 rail cars of propane gas sold in portable cylinders from Morris Ill.-based Aux Sable Liquid Products do not have sufficient levels of the odorant.
As a result, the U.S. Consumer Product Safety Commission, in cooperation with Aux Sable Liquid Products announced a voluntary recall of the propane cylinders.
Failure to detect leaking gas can present fire, explosion and thermal burn hazards to consumers.
A special alert Web site has been established at www.propanegasalert.com.
The product was sold at propane retailers in the following states: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Tennessee, Vermont and Virginia from Feb. 25, 2010 through Sept. 30, 2010.
Consumers in the affected states whose most recent propane gas purchase or delivery was between Feb. 25, 2010 and September 30, 2010 should immediately contact Aux Sable to arrange for a free inspection. If there is insufficient odorant, additional odorized propane or a replacement portable propane cylinder will be provided free of charge.
No injuries have been reported.