Power Tool Industry August 2022
Robert Bosch Tool Corporation
Robert Bosch will invest heavily in their semiconductor business as part of efforts to boost semiconductor production in the wake of a global shortage of semiconductors that has interfered with the timely production of everything from electrical goods to household appliances and cars.
Stanley Black & Decker
EVP Jaime Ramirez, currently President of Tools & Storage, will be stepping down from his role to pursue other opportunities. Robert Raff, a 20-year SB&D veteran and currently head of Stanley Outdoor Integration, will become Acting EVP and President, Tools. He’ll work closely with CEO Don Allan to drive the business forward. SB&D has retained Heidrick & Struggles to conduct an internal and external search for a permanent successor to Ramirez.
SB&D is moving out of their White Marsh office at the Greenleigh at Crossroads development in Maryland and has subleased the space to Johns Hopkins Medicine. A spokesman for the Maryland Department of Commerce said that SB&D declined the promised conditional loans due to market conditions. The loans would have been forgiven if the company had retained at least 2,000 employees between its Towson and White Marsh offices and maintained at least 660,000 square feet of office space. The plan was supposed to add 400 jobs and be a big boon for the area. SB&D stock has been on a roller-coaster ride since 2018; after plummeting during the pandemic and then recovering early in 2021 shares have sunk again and SB&D has promised action to restore profitability and shareholder value.
SB&D is selling their Oil & Gas business to Pipeline Technique Limited. The combined businesses being sold generated revenues of about $140 million in 2021. New CEO Don Allan said that the sale builds on their strategic commitment to streamlining the company so they can focus on their core Tools & Outdoors and Industrial divisions and drive innovation, organic growth and margin expansion as well as generate long-term value for stockholders.
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