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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.
DEWALT, a Stanley Black & Decker brand, announced the launch of the DEWALT POWERSTACK™ 20V MAX* Compact Battery, marking a significant advancement in cordless power tools. This battery features a revolutionary pouch cell design, delivering 50% more power, 25% more compact size, and 15% lighter weight compared to previous models. It also boasts twice the lifespan, enhancing investment value. The product rollout begins in December 2021 across North America and will extend globally through spring 2022.
Stanley Black & Decker (NYSE: SWK) has announced it will release its third quarter 2021 earnings on October 28, 2021, prior to market opening. The earnings conference call will begin at 8:00 AM ET that same day. Investors can participate through a live webcast on the company's website or by telephone. Stanley Black & Decker is a leading global diversified industrial company, generating approximately $14.5 billion in revenue, and employing over 56,000 individuals worldwide.
Stanley Black & Decker (NYSE: SWK) announced a renewed partnership with Techstars for the 2022 STANLEY+Techstars Accelerator, focusing on electrification. The program has supported startups globally, raising nearly $24 million. The 2022 Accelerator invites startups in electrification of tools, vehicles, and battery technology to apply until November 23, 2021. The in-person program will take place in Baltimore from February 14 to May 12, marking a shift from Hartford. This collaboration aims to foster diverse startup growth and drive innovation in the electrification sector.
PORTER-CABLE and Tractor Supply Company (NASDAQ: TSCO) have announced a strategic partnership to enhance accessibility to PORTER-CABLE tools in the U.S. Starting in Q4 2021, PORTER-CABLE products will be available in Tractor Supply stores nationwide, alongside exclusive new cordless innovations planned for 2022. This collaboration aims to cater to the strong demand from Tractor Supply's customer base, which includes nearly 12 million current PORTER-CABLE battery platform users. The partnership also features shared support for agriculture through the sponsorship of the Farm Aid concert on September 25, 2021.
Starting October 1, nonprofits can apply for grants from Stanley Black & Decker's $25 million "Empower Makers Global Impact Challenge" aimed at enhancing vocational skills training in construction and manufacturing. The initiative addresses a significant skills gap, with 430,000 open construction jobs in the U.S. and 10 million unfilled manufacturing jobs worldwide, worsened by the pandemic. The goal is to empower 3 million makers over five years, promoting trade careers as financially rewarding alternatives to traditional college paths.
Stanley Black & Decker (NYSE: SWK) has announced its agreement to acquire Excel Industries for $375 million in cash. Excel, known for its commercial and residential turf-care equipment, is projected to generate over $375 million in revenue for 2021. This acquisition is expected to enhance Stanley's outdoor products portfolio and is projected to be accretive to EPS by $0.15 to $0.20 in three years. The deal is subject to regulatory approvals and standard closing conditions.
Stanley Black & Decker (NYSE: SWK) will host a virtual presentation led by President and CFO Don Allan at the Morgan Stanley Virtual 9th Annual Laguna Conference on September 13, 2021, at 3:45 PM ET. The live webcast will be accessible in the 'Investors' section of their website, with a replay available for 30 days. As a leader in the tools and storage industry, Stanley Black & Decker operates globally with approximately $14.5 billion in revenue and 56,000 employees across over 60 countries.
DEWALT, a leading brand of Stanley Black & Decker (NYSE: SWK), announces its debut in college football for the 2021-2022 season. This innovative sponsorship includes 25 universities across five Division 1 conferences, displaying the DEWALT logo on in-stadium team benches. The benches, exclusively installed with DEWALT tools, will enhance the brand's visibility among sports fans. Launching on Sept. 2 during the Minnesota vs. Ohio State game, this marks a significant milestone for DEWALT's marketing strategy, aimed at connecting with passionate supporters of college athletics.
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