Feroze Sulaiman (middle), Country Sales Manager for Saudi Arabia of Stanley Black & Decker; and Wasim D. Mukadam (right), Business Development Manager KSA, Stanley Hand Tools & Storage preside over the meeting
STANLEY Black & Decker, Inc., a US manufacturer of industrial tools and household hardware and provider of security products and locks headquartered, and a byword globally when it comes to quality and reliability for more than a century, announced further expansion amid its robust growth. Over the years, the New Britain, Connecticut-based manufacturing company founded in 1843 by Frederick Trenck Stanley, has produced some of the most innovative and useful tools ever made. Lately, it expanded its product range to automotive solutions as well. Today, more than ever, the brand remains the unchallenged industry leader introducing more than 200 new products per year, bringing to 1,000 the number of new products rolled out in the past five years alone. It's no surprise then that the company withstood and dodged the economic challenges in some parts of the world and reported a healthy fourth-quarter revenue and earnings. For the quarter ending in December 2014, the company earned net income of $145.8 million, or 91 cents per share. For the year, the company reported revenue of $11.34 billion and earned $4.76 per share. In a manifestation of how popular and respected the Stanley Black & Decker brand is, a dealers' event held in Jeddah last month where the complete package of hand tools in the 2014-2015 catalog was unveiled, recorded almost SR2 million in new product orders in just a matter of one hour from those dealers and subdealers who attended the function. Feroze Sulaiman, Country Sales Manager for Saudi Arabia of Stanley Black & Decker, presiding over the meeting, said the company plans to open three branches this year as part of its ever-growing presence and commitment in the Kingdom. He said its partnership with Albawardi Tools & Hardware of Saudi Arabia, which has developed a formidable infrastructure across the Middle East and North Africa (MENA) region, will ensure the authenticity of Stanley Black & Decker products that are sold. He encouraged subdealers, dealers and customers alike to only deal with Albawardi Tools to protect them from falling victims to traders who sell counterfeit products. He also disclosed plans to establish 2 new branches every year to further reach out to customers. Moreover, he averred that the collaboration between Stanley Black & Decker and Albawardi Tools will assure rapid customer response time and on-time deliveries. With an unrivalled distribution network extending across Saudi Arabia and the Gulf states, Albawardi Tools gave the company the enviable reputation for its quality service. The company also holds a wide range of spare parts and provides prominent after-sales service to its customers through its branches and regional hubs Kingdom-wide. Industry analysts forecast that for fiscal year 2015, Stanley Black & Decker sees full-year earnings to be $5.65 to $5.85 per share, suggesting 18 percent earnings jump on the low end of the range. — SG
