7/25/2016
NEWS BRIEFS
Stanley Black & Decker Fastener Sales Drop
Stanley Black & Decker reported Industrial segment sales, including fasteners, decreased 6% to $463 million due to lower volumes.
“Engineered Fastening organic revenues declined 4% due primarily to lower electronics volumes attributable to one major customer,” the company reported.
Overall Industrial segment profit rate was 17%, down 210 basis points from the 2Q’15 rate, as lower volumes and currency more than offset productivity gains and cost control.
Six-month Industrial segment revenue declined 5.9% to $924.1 million, with segment profit falling 8.4% to $154.8 million.
Stanley Black & Decker announced that CEO John Lundgren, who will turn 65 in September, will retire as CEO after more than 12 years with the company, effective July 31, 2016. Lundgren will continue as Chairman of the Board until the end of the year and serve as Special Advisor to the Company through April 30, 2017.
James Loree, currently president and COO, will succeed Lundgren on August 1, 2016.
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