Black & Decker 2013 Annual Report Download - page 6

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Stanley Black & Decker 2013 Annual Report04
• Finally, constantly using the Stanley
Fulfillment System (SFS) to drive asset
efficiency and customer satisfaction.
We generated 8working capital turns
in 2013, up from 5.9 at the end of 2010
and 4.5 back in 2006 while dramatically
improving customer facing metrics—
a great example of how we can turn an
opportunity into a corecompetency.
Within CDIY, there were some truly note-
worthy accomplishments. During 2013,
CDIY posted 4% organic growth with
5–6% growth in each of the second, third
and fourth quarters. This progress was
primarily fueled by new products, which
generated $300million of new revenue
during the year. CDIY generated another
$85million of revenue synergies from
the Black & Decker merger in 2013,
bringing their total to $300million and
the Company total to $370million.
CDIY also developed and executed a
“Built in the USA” power tool manufac-
turing plant initiative using materials
from all over the globe. This initiative
moved from concept to production
within 12months, representing the first
significant investment in production
and delivery of power tools in the U.S.
since the original DeWALT launch in
1992. CDIY’s European business also
performed well, with 2% organic growth
in a stagnant tools market, delivering
approximately 300basis points of gross
margin expansion and 150 basis points
of operating marginimprovement.
Stanley Oil & Gas had an impressive
year, capitalizing on the North America
onshore market rebound and impressive
share gain in the offshore market. They
posted 30% organic growth and achieved
a 68% operating margin expansion.
The team did an excellent job combining
the technological leadership of CRC
with Stanley Black & Decker’s operating
disciplines and is well positioned for
a solid 2014, and, based on projected
pipeline construction activity, an even
stronger2015.
Stanley Engineered Fastening recorded
49% revenue growth, 3% of which was
organic and the rest from Infastech, and
$61million of positive operating margin
growth. This business has now posted
four consecutive record years in sales,
Stanley Fulfillment System
(SFS)
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