NEW BRITAIN, CT -- Stanley Black & Decker this week announced that it earned $137 Million during its fourth quarter. Sales for the period reached $2.4 billion, up 149% from a year earlier, due to the inclusion of Black & Decker's results. (Stanley Works and Black & Decker merged in 2010).
Stanley Black & Decker's President and CEO, John F. Lundgren, commented, "2010 was a landmark year for Stanley Black & Decker, driven largely by the significant progress we made in integrating Black & Decker. Notably, we were able to achieve 7% organic growth for the year on a pro forma basis amid an uncertain economic environment while continuing the integration in a manner that allowed us to exceed our original cost synergy targets. Our early success to date notwithstanding, we remain focused on effectively navigating the risks and challenges inherent in the integration projects that remain while embedding the Stanley Fulfillment System across the combined entity. We realize that our continued success is dependent upon the ongoing integration of Black & Decker, which is now in a critical phase that includes intensive and often interdependent systems conversions as well as changes within our plant and distribution center networks. Creating additional shareholder value from the successful integration remains management's top priority."