Stanley Black & Decker Expects Company To Double Sales In Six Years

The chief executive officer of Stanley Black & Decker Inc. said it has set an "aggressive growth goal," seeking to post $22 billion in sales by 2022. Stanley posted revenue of $11.4 billion in 2016. The tools and fastening systems manufacturer will achieve growth by boosting sales by 4 percent to 6 percent and adding acquisitions of between $6 billion and $8 billion, he said. Mergers and acquisitions "will be pursued across the segments" as part of Stanley's approach.

The drive by Stanley to double its size should not come as a surprise. Last October, it agreed to buy Newell Brands Inc.'s tools business for $1.95 billion. In January, Stanley announced it's buying the Craftsman line of tools from Sears. Stanley posted $2.81 billion in revenue in the first quarter, up 5 percent from the same period in 2016. Earnings more than doubled, to $393.1 million, or $2.59 per share.

Stanley raised its 2017 profit outlook in April, to between $7.08 and $7.28 per share on an improved outlook for its industrial businesses that include equipment for manufacturers, oil and gas pipeline construction and heavy construction.