Stanley Black & Decker reported Industrial segment sales, including fasteners, decreased 5% to $453.8 million in the fourth quarter of 2016, hurt by lower volumes (-3%), price (-1%) and currency (-1%). 

“Engineered Fastening’s organic revenues declined 2%, as solid growth within the global automotive business was more than offset by weaker electronics volumes attributable to a major customer.” 

Excluding that impact, Engineered Fastening’s organic revenues were up 4%. 

Overall Industrial segment profit dropped 19% to $69.2 million, with the profit rate at 15.2%, down 270 basis points.

Full-year Industrial segment sales, fell 5% to $1.84 billion, with segment profit down 10.4% to $304.4 million.

Consolidated Stanley Black & Decker revenue grew 2.1% to $11.4 billion, with a loss of $197.2 million.

In January 2017, the company agreed to purchase the Craftsman brand from Sears, providing Stanley Black & Decker the rights to develop, manufacture and sell Craftsman-branded products in non-Sears Holdings channels. The agreement consists of a $525 million cash payment at closing, $250 million at end of year three, and annual payments to Sears Holdings of between 2.5% and 3.5% on new Stanley Black & Decker sales of Craftsman products through year 15. Web: stanleyblackanddecker.com