New Britain, Conn.-based tool giant Stanley Black & Decker says its corporate integration is moving ahead faster than expected, and will lead to $125 million in "cost synergies" in 2010 -- $35 million more than planned.
Stanley Works and Black & Decker completed their merger in March. In its third-quarter earnings statement released Wednesday, Stanley reported net earnings of $123.2 million, up from $60.4 million in the pre-merger prior-year quarter.
Sales increased to $2.369 billion, up from a pre-merger $935.5 million, an increase of 153%.
New products and a smooth integration fueled the strong performance, according to Stanley Black & Decker president and CEO John F. Lundgren.
“We are very pleased with the organic revenue growth achieved across many of our businesses in the third quarter, which