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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.
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.
Stanley Black & Decker (NYSE: SWK) will host a webcast presentation by President and CFO Don Allan at the Raymond James 43rd Institutional Investors Conference on March 7, 2022, at 11:35 AM ET. Interested parties can access the live event via the 'Investors' section of the company's website. A replay will be available for 30 days. As the largest tool company globally, Stanley Black & Decker employs over 60,000 staff and operates nearly 50 manufacturing facilities in the USA, producing well-known brands like DEWALT and CRAFTSMAN.
Desktop Metal (NYSE:DM) has successfully shipped its first Production System™ P-50 printer to Stanley Black & Decker (NYSE:SWK). This milestone signifies the commercialization of Desktop Metal's advanced additive manufacturing technology, enabling mass production of metal parts. The P-50 is designed for high-performance output and is expected to be up to 100 times faster than traditional methods, with a production capacity reaching millions of parts annually. This development follows a $100 million investment and four years of dedicated research and development.
Stanley Black & Decker (NYSE: SWK) has priced its offering of $500 million in 2.300% Senior Notes due 2025 and $500 million in 3.000% Senior Notes due 2032. The notes will be offered at 99.865% and 99.810% of par, respectively, and the offering is expected to close on February 24, 2022. The net proceeds of approximately $991.9 million will be used for general corporate purposes, including repayment of debt. The issuance is subject to customary closing conditions and will comply with SEC regulations.
Stanley Black & Decker (NYSE: SWK) will host a webcast of a presentation by Don Allan, President and CFO, at the Barclays Industrial Select Conference on February 24, 2022, at 10:20 AM ET. Interested parties can access the live webcast via the company's website. A replay will be available for 30 days. Stanley Black & Decker, the largest tool company globally, operates nearly 50 manufacturing sites in the USA and over 100 worldwide, producing a range of innovative tools and equipment.
Stanley Black & Decker (NYSE: SWK) announced the election of Andrea J. Ayers as Chair of the Board, effective April 22, 2022. George W. Buckley will retire after 15 years of service. The Board also welcomed Adrian V. Mitchell, CFO of Macy's, Inc., as a new director. Ayers commended Buckley for his leadership, noting the company's growth post-merger. Mitchell brings extensive financial and operational expertise, aiming to advance Stanley Black & Decker’s long-term strategy and shareholder value. This leadership transition underscores the company's commitment to innovation and performance.
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