Coming off of the tool maker’s investor day, Stanley Black & Decker (SWK) CEO Don Allan joins Yahoo Finance executive editor Brian Sozzi for a conversation about the company’s transformation, that entails cutting $2 billion in costs and ramping up the brand’s supply chain and innovation. “Mortgages need to get closer to about 5%… we’re still in the sixes. And when we get there I actually think it’s going to free up a lot of activity around people changing homes,” Allan explains. “One of the things happening right now is that home sales are very, very low because people are locked in on an average mortgage of around 3%, maybe even less.” Alongside DIY retailers Lowe’s (LOW) and Home Depot (HD), Stanley Black & Decker is a housing market indicator of sorts gauging Americans’ interest in home projects, especially for homeowners getting ready to sell. “We’ve built a plan around the supply chain to continue to mitigate and reduce our China exposure. I mean, ten years ago, even eight years ago, 40% of what we sold in the US came from China. Today, that number is about 20, 25%. We’re going to continue to move that down,” Allan comments on the company’s plans to offset potential tariffs from President-elect Donald Trump’s second administration. Allan goes on to state that “tariffs can be good for… certain industries” later commenting on Stanley Black & Decker’s pivot into electrification.
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