1/24/2013 12:17:00 PM
NEWS BRIEF
Stanley Black & Decker reported 6% organic growth at its Engineered Fastening segment during the final quarter of 2012, outpacing global light vehicle production, which retracted 1.5%. Operating leverage in Engineered Fastening was offset by declines in the company’s European Automotive Repair (IAR) segment.
Organic revenues in Europe rose 3% as continued growth in automotive due to increased platform penetration more than offset weakness in industrial fasteners.
Overall Q4 Industrial segment organic sales fell 1% due to continued weakness in Europe. Unit volumes fell 1%, currency was down 1% and acquisitions added 4%, bringing total sales growth up 1.5% to $650 million for the quarter. Segment profit rate was 15.4%
Full-year Industrial segment sales grew 1% organically and 2.7% overall to $2.6 billion, as 9% organic growth in the Engineered Fastening business was muted by market-driven headwinds within the IAR Europe and Infrastructure businesses. Industrial segment profit rate was 16% for 2012.
Stanley Black & Decker said it expects to close its $850 million acquisition of Hong Kong-based Infastec during the first quarter of 2013.
The company acquired Powers Fasteners in 2012, adding the business to its CDIY segment.
Looking ahead to 2013, the company forecast “low-single digit organic growth from Engineered Fastening as global light vehicle production continues to slow.” ©2013 GlobalFastenerNews.com
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