Reuters: Global Markets: Stanley Black & Decker plans job cuts, shares rise

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Stanley Black & Decker plans job cuts, shares rise Jul 18th 2012, 19:22 Wed Jul 18, 2012 3:22pm EDT (Reuters) - Tool maker Stanley Black & Decker Inc (SWK.N), which cut its full-year forecast on lower volumes at its key segments, said it plans to cut jobs to save costs in the second half, sending shares up as much as 7 percent. The company, which plans to save $50 million in costs through the job cuts, also raised its quarterly cash dividend by 20 percent to 49 cents per share. Stanley Black & Decker said it was exploring options, including a sale, for its hardware and home improvement (HHI) business, which reported sales of $940 million in 2011. The company said after-tax proceeds from a sale of the HHI unit could "significantly exceed" $1 billion. The company, known for its Stanley security products and Black & Decker and Dewalt power tools, said it plans to buy an engineered fastening franchise with revenue of about $500 million as it looks to tap growth in emerging markets. Reuters, quoting sources, reported in May that the company is among potential bidders for private equity-owned Infastech, a Singapore-based industrial fastener maker with revenues of more than $500 million. Stanley Black & Decker expects adjusted earnings to be between $5.40 and $5.65 per share for the year, down from its prior forecast of $5.75 to $6.00 per share. Lower volumes at the company's high-margin security and industrial segments and a stronger dollar pressured its second-quarter earnings. The company's shares, which have fallen 23 percent in the last three months, were up 6 percent at $63.19 in afternoon trade on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore, Saumyadeb Chakrabarty and Viraj Nair) Link this Share this Digg this Email Reprints

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