Robert Bosch has become a real market leader in developing technology and capitalizing on the growth of the Internet of Things (IoT), according to Paul Thomas, executive vice president of sales for Bosch in North America. He says research shows that society wants more interconnected services and systems.
Robert Bosch has petitioned the FCC to update their Ultra-wideband (UWB) rules to keep pace with technological developments. Bosch also proposed the FCC modify rules for UWB operation for devices and systems. Bosch stated that the FCC has not further reviewed the existing rules as promised, and that there are no documented cases of interference from a UWB device to either narrowband or wideband allocated radio services. The proposal has created opposition from GPS manufacturers, who believe that the reliability of GPS could be threatened by broadening the use of UWB.
Stanley Black & Decker
SB&D acquired a stake in Argentinian online company IguanaFix. IguanaFix is a tech startup that connects homeowners with service providers. Argentina is South America’s second-largest economy. Larry Harper, vice president of Stanley Ventures, said there could be opportunities for the two companies beyond Latin America. Financial terms were not disclosed.
TTI/Techtronic Industries First-Half Conference Call:
First-half organic growth increased 8.7% to more than $3.7 billion US. Excluding the impact of currency, revenue increased 10.7% in local currency.
Milwaukee sales rose 22.2% globally, 20% in the US and 28% in Canada.
Sales for the Power Equipment division grew 12.1% or 14.3% in local currency to US $3.3 billion. The Power Equipment division now accounts for 89.1% of the group’s total revenue. Excluding the effect of currency, the Power division grew 20.2% in Europe and 15.3% in Australia.
North America accounted for 76.3% of the Group’s revenue, followed by Europe (16%).
Milwaukee’s FUEL business was up 22%. FUEL is Milwaukee’s highest priced, highest margin and most sophisticated range of cordless, brushless motor products.
End user conversion globally in the Milwaukee business is a major area of investment. Their sales coverage program continues to expand geographically in a very targeted way.
Their Leadership Development Program is a campus recruiting effort. This year they will hire globally about 1,000 graduates from college campuses around the world.
They focus on very specific end user groups they call verticals. CEO Joe Galli discussed six verticals on the conference call, including Carpentry and Remodeling, Mechanical, Electrical and Plumbing (MEP), Power Utility, Transportation and Mechanics Hand Tools.
Some of the areas of future growth they see include lithium-powered cordless lighting and mobile tool storage. Galli stated that people used to have six or eight tools; now people have 25 to 35 tools. That means they need a good system to keep them organized, store them and move them from storage to job sites. Their PACKOUT system is essentially wheeled organization and storage for these tools.
The RYOBI ONE+ system is expanding; this year they are introducing a line of hobby tools as well as a line of plumbing tools. They plan to keep expanding this line into other areas.
Their outdoor business is up more than 15%, which Galli attributed to their transition from gas and AC-based products to lithium battery-powered products. Users are welcoming all the benefits of cordless outdoor and adopting this new technology at a very rapid rate.
An affiliate of Milwaukee Tool bought an office building in Menomonee Falls, Wisconsin for future expansion. The 52,744-square-foot, two-story building sold for $4.7 million to Schwer,Pflight & Werkzeug Properties, which roughly translates into Heavy Duty Tool. The Woodland Prime office park where the building is located is about a 10-minute drive from Milwaukee Tool’s headquarters. The building was purchased from Kohl’s Department Stores. Milwaukee CFO Ty Staviski said that they are looking into additional space to consolidate operations as they continue to grow their presence in Wisconsin.
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