Black & Decker 2011 Annual Report Download - page 7

alone, we increased our revenues in emerging markets
from % of the total Company to %, well on our way to
our mid-decade goal of more than %. Also important to
note is that our profitability in a majority of these regions is
higher than corporate line average, aiding us towards our
mid-decade goal of operating margins higher than %.
Global organic growth is of utmost important to us and
this year we have focused on building teams in
many regions where we historically have had an under-
whelming presence.
Stanley Fulfillment System
A key ingredient in the success of our ability to service
our customers, integrate acquisitions, increase ecien-
cies and grow our free cash flow base continues to be the
Stanley Fulfillment System, or SFS. In , we increased
total Company working capital turns %, from . to .,
and up % to . turns, excluding the impact of Niscayah.
While these results are still distant from the . turns that
legacy Stanley reached prior to the merger in , we are
confident that the tenets and processes of SFS that took
our working capital turns from the mid-s to this level in
three years will be just as successful for our combined
enterprise. We continue to believe SFS represents one of
the biggest opportunities to create additional value from
the Stanley Black & Decker merger, with the potential
to unlock over half a billion dollars when we are able to
return to  turns, let alone our mid-decade goal of .
Stanley Black and Decker 2011 Annual Report
$B
In Revenue
>%
Operating Margin
>%
Revenue in Emerging Markets
MIDDECADE GOALS
%
Return on Capital Employed

Working Capital Turns
Summary
As we said four years ago in our Letter to Shareholders,
during the depths of the global economic crisis, this is
a world in which strong, reality-based companies that
are well-prepared emerge as winners and reward their
investors — a world that places a premium on manage-
ment teams that operate with agility, courage and common
sense. Our senior management team is both seasoned and
energetic, with our ocers having been in key leadership
positions with Stanley Black & Decker for an average of
 years. Needless to say, this is the same team that took
the Company through the  downturn, where we
illustrated agility and proactively took the necessary steps
to navigate through both the foreseen and unexpected
headwinds we faced.
 will undoubtedly come with its own set of challenges,
but we are armed with our proven strategic roadmap for
growth, our financial discipline and strength, and
most importantly, our team of close to , associates
around the globe, with a daily focus on outperfor-
mance — all of which will enable us to continue to drive
meaningful value for our shareholders.
John F. Lundgren
President & Chief
Executive Ocer
February 23, 2012
New Britain, CT
James M. Loree
Executive Vice President &
Chief Operating Ocer
GLOBAL PRESENCE
U.S. %
R.O.W. %
Latin America %
Canada %
Australia %
Asia %
Europe %