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Stanley Black & Decker, Inc. (NYSE: SWK) is a global leader in tools and outdoor products, headquartered in the USA. Since its inception in 1843, the company has set the standard for excellence by delivering innovative, powerful tools that professionals rely on worldwide to build, repair, and protect valuable assets. The company's diverse portfolio includes iconic brands such as DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, CUB CADET, and HUSTLER.
Stanley Black & Decker operates in two main segments: Tools & Outdoor and Industrial. The Tools & Outdoor segment, which generates the majority of the company's revenue, includes the Power Tools Group (PTG), Hand Tools, Accessories and Storage (HTAS), and Outdoor Power Equipment. The Industrial segment focuses on engineered fastening systems and other industrial solutions. Geographically, the company's revenue is primarily derived from the United States, with significant contributions from Canada, Europe, Asia, and other regions.
The company is committed to sustainability and global stewardship, aiming to advance these principles across its entire value chain through its operations and workforce. Stanley Black & Decker's recent achievements highlight its strategic business transformation, focusing on innovation, market activation, and cost efficiency. In the third quarter of 2023, the company reported improvements in adjusted gross margins and earnings per share, laying a solid foundation for future growth.
Stanley Black & Decker is also known for its proactive approach in response to market dynamics. The Global Cost Reduction Program, initiated to optimize the company's cost base, has generated substantial savings and improved inventory management, positioning the company for long-term growth and profitability. The program aims to achieve pre-tax run-rate cost savings of approximately $2 billion by the end of 2025.
In addition to its financial initiatives, Stanley Black & Decker emphasizes community support and educational advancement. The DEWALT brand, for instance, has launched the DEWALT Trades Scholarship, awarding scholarships to students pursuing careers in the trades, as part of a broader effort to close the skilled trades gap in the U.S.
With a rich history of innovation and a commitment to future growth, Stanley Black & Decker continues to be a driving force in the tools and outdoor industry, dedicated to supporting professionals and DIY enthusiasts alike.
IRWIN, a Stanley Black & Decker brand (NYSE: SWK), has launched its new STRAIT-LINE tape measures designed for tradespeople. These heavy-duty tape measures offer up to 17-Ft. MAX Reach and can withstand drops from up to 80-Ft. The new features include an integrated finger brake, an extra-large hook, and a durable blade coating. The STRAIT-LINE tape measures are priced between $17.98 and $39.98 and are available in various sizes, with plans for additional products in the winter. This latest addition enhances IRWIN's diverse range of hand tools.
Stanley Black & Decker (NYSE: SWK) announced the resignation of Jaime Ramirez as Executive Vice President and President of Tools & Storage, effective July 22, 2022. Robert Raff, a company veteran of 20 years, will take over as Acting Executive Vice President and President of Tools. Raff has extensive experience within the company, having held various leadership roles. The company has engaged Heidrick & Struggles for an internal and external search for a permanent successor. CEO Donald Allan expressed confidence in Raff's ability to drive strategy and growth in core businesses.
Allegion plc (NYSE: ALLE) has completed the acquisition of Stanley Access Technologies LLC for $900 million in cash. This acquisition strengthens Allegion's position in the automatic entrance solutions market in North America, contributing approximately $340 million in net sales for Access Technologies in 2021. The deal enhances Allegion's seamless access strategy and expands its core business while integrating expertise from Access Technologies’ dedicated workforce. Further details will be shared during the second-quarter earnings call on July 28, 2022.
Stanley Black & Decker (NYSE: SWK) announced a definitive agreement to sell its STANLEY Oil & Gas unit to Pipeline Technique Limited, a leading energy solution provider. The sale, encompassing several pipeline services and equipment businesses, generated approximately $140 million in revenue in 2021. The company expects a non-cash charge of $125 million to $200 million related to asset write-downs, while remaining committed to enhancing focus on core tools and industrial businesses. The transaction awaits regulatory approval.
Stanley Black & Decker (NYSE: SWK) will host its second quarter 2022 earnings webcast on July 28, 2022, at 8:00 AM ET. A financial results news release will be issued before the market opens that day. A slide presentation will accompany the call and be available on the company's investor relations website. Stanley Black & Decker operates nearly 50 manufacturing facilities in the USA and over 100 globally, offering a wide array of innovative tools and solutions under brands like DEWALT and BLACK+DECKER.
DEWALT, a brand of Stanley Black & Decker (NYSE: SWK), has launched a new biodegradable chainsaw oil, the DXCC1201, certified as a USDA Biobased Product. This high-performance oil is made from North American-grown plant oils, aimed at reducing environmental pollution. Annually, about 20 million gallons of bar and chain oil are released into the environment, and DEWALT's new formula offers an eco-friendly alternative without petroleum or metal-based additives. It ensures compatibility with gas and battery-operated chainsaws and is available at various retail outlets.
On June 13, 2022, DEWALT, a Stanley Black & Decker brand, provided insights amid strong construction demand in the U.S., with new housing starts rising over 15% in 2021. DEWALT's President, Allison Nicolaidis, emphasized the need for modernizing job sites to improve efficiency. The company shared three key tips for homebuilders: embrace cordless tools for better mobility and safety, upgrade to advanced pouch cell battery technology for enhanced performance, and utilize connected solutions for streamlined operations. These advancements aim to help builders complete projects on time and within budget.
Allegion plc (NYSE: ALLE) has priced an offering of $600 million senior notes due 2032, guaranteed by Allegion, expected to close on June 22, 2022. Proceeds will finance the acquisition of Stanley Access Technologies from Stanley Black & Decker (NYSE: SWK), with the transaction expected in Q3 2022, pending regulatory approval. Allegion aims to enhance shareholder value through this strategic acquisition, which aligns with its growth plans. The offering has been managed by Goldman Sachs, BofA Securities, and J.P. Morgan.
Allegion plc (NYSE: ALLE) has announced a proposed public offering of senior notes through its subsidiary, Allegion US Holding. The proceeds will primarily fund the acquisition of Stanley Access Technologies LLC from Stanley Black & Decker (NYSE: SWK), expected to finalize in Q3 2022. If the acquisition does not proceed, funds will be allocated for general corporate purposes, including debt repayment. The offering is subject to market conditions and follows an effective registration statement filed with the SEC.
CRAFTSMAN, part of Stanley Black & Decker (NYSE: SWK), has expanded its V20* platform by introducing new tools aimed at professional users. The latest additions include the V20* BRUSHLESS RP™ Cordless Jig Saw and the 23GA Pin Nailer, among others. These tools are designed for high performance, including features like variable speed control, LED lights, and tool-free blade changes. The new products are available in stores and online, with plans for further additions to the V20* lineup throughout 2022.
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