10/23/2012 1:55:00 PM
HEADLINES
Fastener Investments Paying Off at Stanley Black & Decker
Stanley Black & Decker reported 7% organic growth at its Engineered Fastening segment during the third quarter of 2012, driven by strong automotive sales in the U.S. and China. The overall segment performance included a 3% drop in its European fastener business.
“Our Engineered Fastening business was a bright spot in our Industrial segment, as increased vehicle platform penetration drove growth in the U.S. and in Asia, which more than offset the pullback we saw in the European industrial markets,” stated CEO John Lundgren.
The news comes weeks after Stanley Black & Decker doubled down on fasteners by acquiring Hong Kong-based Infastec for $850 million.
The company also acquired Powers Fasteners in 2012, adding the business to its CDIY segment.
Overall Q3 Industrial segment organic sales fell 2% due to weakness in Europe. Unit volumes fell 2%, price was relatively flat, and currency was down 4%. Acquisitions added 4%, bringing total sales growth down 2% for the quarter. Organic sales for the Industrial and Automotive Repair (IAR) platform fell 4% as low-single digit declines in the U.S. due to soft government spending and high-single digit declines in Europe more than offset strength in the emerging markets.
Organic revenues in Europe fell 3% as continued growth in automotive due to increased platform penetration was more than offset by weakness in industrial fasteners.
Industrial segment profit declined 11% to $95.1 million during Q3.
Nine-month Industrial segment revenue grew 3% to $1.92 billion, with profit up 1.7% to $314.1 million.
Overall consolidated Stanley Black & Decker Q3 sales grew 6% to $2.8 billion, largely from acquisitions. ©2012 GlobalFastenerNews.com
For more on Stanley Black & Decker, visit the Fastener History section of GlobalFastenerNews.com.
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