Black & Decker buys - Delta, Porter-Cable, DeVilbiss - Pirate4x4.Com : 4x4 and Off-Road Forum
 
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Old 07-19-2004, 11:01 AM   #1 (permalink)
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Black & Decker buys - Delta, Porter-Cable, DeVilbiss

Though this would interest some who are fans of these brands....

http://www.pentair.com

ATLANTA (Reuters) - Toolmaker Black & Decker Corp. (NYSE:BDK - news)on Monday said it will buy Pentair Inc.'s (NYSE:PNR - news) power tools group for about $775 million, nearly doubling the sales of its North American professional tools business.

Black & Decker also reported a 61 percent rise in second-quarter profit, and its shares jumped 14 percent to a more than 20-year high.


Black & Decker, maker of DeWalt drills, Kwikset locks and Price Pfister faucets, said the Pentair business being acquired includes the Porter-Cable, Delta, DeVilbiss Air Power, Oldham Saw, and FLEX brands. It said the acquisition would add to earnings, beginning in 2005.


"It gives them a lot more critical mass within the pro power tool category and makes a lot of sense from a financial standpoint," said Longbow Research analyst David MacGregor.


He said the acquisition, which includes product lines in woodworking equipment, compressors, pressure washer and nailers, helps Black & Decker diversify beyond cordless power tools as its DeWalt brand faces competition from new players such as the Ridgid brand sold at retailer Home Depot Inc. (NYSE:HD - news)


"There's a lot more here than just power tools," MacGregor said.


Towson, Maryland-based Black & Deck said the acquisition would add 50 cents a share to 2005 earnings and another 25 cents a share in both 2006 and 2007.


MacGregor said the Porter-Cable brand would require some spending to revive but could pay off nicely for Black & Decker.


The tools group employs about 4,200 people in North America, Europe and Asia.


POWER-TOOL CONSOLIDATOR?


MacGregor, who conducts monthly surveys of tool retailers, also said Black & Decker has the financial ability to serve as a major consolidator in power tools, an overcrowded category with some underperforming brands. For instance, the Milwaukee tool brand owned by Swedish engineering group Atlas Copco (ATCOb.ST) is also up for sale.


"None of the players in the game right now with the exception of Black & Decker really have the critical mass to be able to play the consolidation role, at least in North America," MacGregor said. "If they're going to do that, there might be bigger opportunities ahead."


Pentair, based in Golden Valley, Minnesota, said the sale will allow it to focus on water filter-related products and electrical enclosures. The company had put the power-tools group on the block in February, when it announced it would buy Wicor Industries from Wisconsin Energy Corp. (NYSE:WEC - news) for $850 million to expand its water technology business.


Pentair said it expects to close the sale later this year after regulatory approval. It will use the proceeds to pay down debt from its Wicor Industries acquisition, which is expected to close by the end of the month.


Black & Decker also reported a 61 percent rise in second-quarter profit on stronger sales across its three business segments, and raised its profit outlook for the year.


The tool maker reported second-quarter net income of $121.6 million, or $1.50 a diluted share, compared with $75.7 million, or 97 cents a share, a year earlier. Analysts on average expected profit of $1.25 a share, according to Reuters Estimates.


Black & Decker said it expects earnings from continuing operations in the range of $1.25 to $1.30 a share for the third quarter and $5.05 to $5.15 for the 2004 full year. Analysts currently expect profit of $1.28 a share for the third quarter and $4.87 for the year.


The company's shares were up 48.41 at $68.73, after earlier rising as high as $69.50. Shares of Pentair gained 70 cents, or 2 percent, to $33.50.
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Old 07-19-2004, 11:54 AM   #2 (permalink)
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B&D makes Kwikset locks, that explains the poor quality

And Milwaukee's up for sale, that's likely not good.
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Old 07-19-2004, 12:15 PM   #3 (permalink)
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Old 07-19-2004, 08:59 PM   #4 (permalink)
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Quote:
Originally Posted by Old Scout

Who has time to read Shit Chat?? And this is Shop and TOOL TALK right?
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Old 07-20-2004, 12:57 AM   #5 (permalink)
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Who has time to read Shit Chat?? And this is Shop and TOOL TALK right?
I would like thank Shrock for posting up... I guess it's time to buy any Porter Cable tools I might want before the Evil Empire of Black And Decker turns that brand into another Made In China crap fest.
And Too bad about Milwaukee..... I recently was shopping for a new cordless drill When I went looking at Home Depot the only brand that was not made in Taiwan/China was Milwaukee.
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Old 07-20-2004, 02:35 PM   #6 (permalink)
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I wonder why people think so many bad things about B&D. I LOVE my dewalt drill. That thing has some serious torque and variable speed. I also have a B&D cordless drill I got off ubid.com about 5 yrs ago for about $10 and the thing still runs like a champ.
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Old 07-20-2004, 03:19 PM   #7 (permalink)
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I have a lot of Dewalt Tools. Most of them are great.
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Old 07-20-2004, 04:22 PM   #8 (permalink)
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ditto on the dewalt tools. i have lots of dewalt tools and they all have taken the test of time and performed flawlessly.
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Old 07-20-2004, 05:32 PM   #9 (permalink)
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Guys don't be so quick to buy your PC/Delta stuff. My boss just spent a shit load on PC/Delta tools. Included, but not all inclusive is 6 med crown guns, 6 narrow, 6 finish nailers ,6 brad guns, 4ea 693's, 3ea 3hp routers, 2 unisaws, 1 stationary disc/belt sander, 1 planer.

Ive been using PC/Delta stuff for 20 years, and the quality control is crap on this new stuff. Lots of router screws breaking, cracked bases, trigger problems with new framing guns. Today the biesmeier fence had a problem. My guess is they have known about whats going to happen for a while and that they don't give a shit about quality right now.
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Old 07-20-2004, 05:36 PM   #10 (permalink)
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I love DeWalt (own more than a few) and Porter Cable too. I really doubt we are going to notice much of a change on the consumer end of things.
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