Stanley Black & Decker reported Engineered Fastening organic revenues fell 35% in the second quarter of 2020 “due to lower global automotive light vehicle and general industrial production.”

Industrial segment sales, including Engineered Fastening results, declined 20% to $ 517.5 million in Q2 as CAM acquisition (+10%) was offset by volume (-29%) and currency (-1%). Segment profit plummeted from $95.1 million to $5.1 million.

Stanley Black & Decker agreed to acquire Consolidated Aerospace Manufacturing LLC (CAM) in February for as much as $1.5 billion cash.  The deal is contingent on the Boeing 737 MAX returning to service and on Boeing meeting certain production goals.

Brea, CA-based CAM, which manufactures aerospace fasteners and components, was launched by Tinicum in 2012 as a holding company for eight manufacturing firms active in aerospace component sector.  Among CAM’s holdings are Bristol Industries, E.A. Patten, Aerofit, Voss Industries, 3V Fasteners, QRP and Moeller.  Web: camaerospace.com

Consolidated Stanley Black & Decker sales dropped 16% to $3.1 billion during the quarter. Operating income declined 45% to $280.7 million, with a margin of 8.9%. Net income slipped 33% to $238.7 million.

Industrial segment sales during the first six months of 2020 dipped 8% to $1.1 billion, with segment profit more than halved to $72.9 million. Web: StanleyBlackandDecker.com