Stanley Black & Decker not only showed impressive net sales gains in the third quarter of 2010, it also now expects to gain an extra $35 million from Stanley/Black & Decker merger synergies than was originally projected.
Stanley Black & Decker said third quarter net sales were $2.4 billion, up 153% versus prior year due to the inclusion of Black & Decker's results (+139%), unit volume (+7%), other acquisitions (+9%), and currency (-2%). On a pro forma basis, legacy Black & Decker also achieved strong unit volume growth of 10%.
"We are very pleased with the organic revenue growth achieved across many of our businesses in the third quarter, which was driven by the launch of a number of successful new products and the impact of our commitment to outstanding customer service," said Stanley Black & Decker President and CEO John F. Lundgren. "The integration of Stanley Black & Decker is proceeding ahead of plan and based on our execution and experience to date, we now expect to realize $125 million in cost synergies in 2010, $35 million more than originally forecast. In addition, as we continue to analyze the revenue synergy potential for the combined company we have reason to believe that execution of these initiatives will drive significant additional top-line growth in the coming years."
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