Stanley Black & Decker reported Engineered Fastening organic growth dropped 9% in the final quarter of 2021 as “strong general industrial growth was offset by market-driven aerospace declines and lower automotive OEM production resulting from the global semiconductor shortage.”

Engineered Fastening is part of Stanley Black & Decker’s Industrial segment, which saw sales decline 7% to $609.7 million in Q4 “as price (+3%) was more than offset by volume (-9%).” Segment profit fell 38% to $53.7 million during the quarter.

Full-year Industrial segment sales increased 4.7% to $2.46 billion, while profit grew 16.3% to $256.6 million. 

Consolidated Stanley Black & Decker sales gained 20% to $15.6 billion in 2021, including a record 17% organic growth, with operating profit up 12.5% to $1.95 billion. 

During 2021, Stanley Engineered Fastening reversed its decision to close its rivet factory in Stanfield, NC. The facility manufactures Avdel product, including rivets, lock bolts and engineered fasteners. The facility has produced blind fasteners since 1995 under the ownership of several companies. It was initially Avdel Cherry Textron, followed by Acument Global Technologies and Infastech before becoming Stanley Engineered in 2013.

The plan would have laid off 81 employees at the 90,000-square-foot facility, including 50 employees in the production department.

Stanley Engineered Fastening operates 37 plants around the world, including 15 in North America. Web: StanleyBlackandDecker.com