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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.
Stanley Black & Decker (NYSE: SWK) has agreed to sell its Access Technologies business to Allegion plc (NYSE: ALLE) for $900 million in cash. This division generated approximately $340 million in revenue in 2021. CEO James Loree emphasized that the sale is part of a strategy to enhance shareholder value and focus on core business segments, including Tools & Outdoor and Industrial. The proceeds will fund share repurchases and reduce debt. The transaction is subject to regulatory approval and is expected to affect Q1 results reported on April 28, 2022.
Stanley Black & Decker (NYSE: SWK) has announced a sponsorship deal for the 2022 MLB season, naming its CRAFTSMAN brand as the official tools sponsor for six teams: Boston Red Sox, New York Mets, Miami Marlins, Cleveland Guardians, Cincinnati Reds, and Oakland Athletics. This marks the 14th year of the company's partnership with MLB, aiming to showcase CRAFTSMAN's reliability to millions of fans. The sponsorship includes stadium signage and various VIP experiences to engage tradespeople across the country.
Stanley Black & Decker (NYSE: SWK) released findings from its inaugural Makers Index, highlighting a skilled trades shortage in the U.S. Despite 85% of youths and 94% of parents recognizing trades as good careers, only 49% have considered them, and just 16% are very likely to do so. Key factors include misconceptions about income potential, outdated views on technology in trades, and lack of engagement with trade professionals. The CEO emphasized the need for increased career education to attract the next generation of skilled workers amidst 650,000 open positions in construction.
Stanley Black & Decker (NYSE: SWK) announced the first cohort of its Empower Makers Global Impact Challenge, awarding $3 million in grants and $1 million in tools to support workforce development initiatives. This initiative aims to empower 180,000 individuals through vocational skills training in the construction and manufacturing sectors. The total commitment of $25 million over five years seeks to skill and reskill 3 million makers. The program highlights the critical need for skilled labor, addressing an estimated 650,000 open construction jobs in 2022.
Stanley Black & Decker (NYSE: SWK) will hold its first quarter 2022 earnings conference call on April 28, 2022, at 8:00 AM ET. A financial results release will be issued before market opening on the same day. The accompanying slide presentation will be available on the company's website. Investors can access the call via webcast or by phone. The company is recognized as the world's largest tool manufacturer, operating nearly 50 manufacturing facilities in the U.S. and over 100 globally, producing various innovative products under brands like DEWALT and BLACK+DECKER.
BLACK+DECKER's dustbuster® AdvancedClean™ Slim Cordless Hand Vacuum (HLVC315B10) was honored with the Best Hand Vacuum award by Better Homes & Gardens as part of the 2022 Clean House Awards. This recognition highlights the product's innovation, ease of use, and effectiveness. BLACK+DECKER has a long legacy of innovation in the handheld vacuum market, dating back to the original dustbuster's launch in 1979, which was revolutionary for its time. The award is featured in the April issue of Better Homes & Gardens, emphasizing the brand's commitment to quality and customer satisfaction.
On March 8, 2022, DEWALT, a brand of Stanley Black & Decker (NYSE: SWK), highlighted the success of its POWERSTACK™ 20V MAX* Compact Battery, the first pouch cell battery for construction. Launched in October 2021, it has received high praise from professionals, awards, and strong retail demand. Notable recognitions include the Popular Science 2021 Best of What's New Award and WOOD Magazine 2022 Innovate Award. With an average rating of 4.8 out of 5 stars, users commend its compact design and compatibility with over 250 DEWALT tools. Retail launches in EMEA and Asia are planned for spring 2022.
Stanley Black & Decker (NYSE: SWK) announced a $2.0 billion accelerated share repurchase program, demonstrating its commitment to enhancing shareholder value. This is part of a larger $4 billion share repurchase initiative planned for 2022. The initial payment will be funded through existing credit agreements, with approximately 10.8 million shares expected to be delivered initially. The final number of shares will be determined based on market conditions. This strategic move reflects confidence in the company's long-term growth and margin expansion prospects.
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