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Awesome family Black & Decker the world's largest tool company ringing the opening bell here at the New York Stock Exchange this morning as American manufacturers continue. To try and gauge the impact of tariffs and trade on their business from where we are joined now in a CNBC exclusive by his family black and deckers president and CEO Jim array here celebrating the 175th anniversary of the company welcome. Thank you 175 years so exciting it's it's really impactful when you think about 175 years the thirty-second oldest company in the New York Stock Exchange yeah I mean that's that's quite a history you've got and you know sort of speaks to some of the. Changes we've seen in American manufacturing and the current trade debate so how's that impacting you well the trade debate. Is one that you know we look at it we say on one hand the goals are excellent on the other. Hand the way of getting there you know is is volatile okay creates volatility creates uncertainty and we don't know from day-to-day you know. Whether there's going to be tariffs whether there's going to be a trade war etc so we have to be. Agile I think that's the most important thing is agility well we've already. Seen the tariffs on. Steel and aluminum does does that affect your component cost well. That would have been about a 50 million dollar operating margin impact for us but for the exemption so the exemptions take that down to a de minimis amount what about the. Threatened tariffs with China I mean given the global nature of the supply chain right now how could that impact you have you done any research in terms. Of the quantifying it we have a strategy to make where we sell okay so we've been moving towards making sure that we manufacture where we sell for several years no strategically you could tell three or four years ago that there was this nationalistic trend not just in America but around the world and so you know strategically we're. Moving in that direction you know we're up to about 40 percent of made in America for the tools actually sell in America so it's not. Like you would see massive disruption we would not see massive disruption I think it would be a more you know marginal at the at the edges of what we do and how much do you export. We don't export much at all from the. United States we import you know much more than we export right well you're being a tape measure says made in the USA with global materials so you are still at least at risk. To a certainty compromise and for sure in fact commodity price inflation. This year will cost us one hundred and eighty million dollars of operating margin and we will offset that with a hundred and twenty million dollars of price increases so that's what I was saying about. Being agile we have to understand that arbitrage and manage that arbitrage every day you know a couple years ago we we got the last four years we got hit with five hundred and fifty million dollars of operating margin issues from foreign exchange okay so if it's not one thing it's another and. That's that's part of it you know how we manage the business and we had earnings growth all through that time period any reason to think the pricing power increases to where you can make that margin back absolutely you know we. Don't recover a hundred percent of the inflation or the tariff impact or whatever but we have about three to four percent productivity in our plant system that we get every year and we're getting more and more of that. Through industry 4.0 and automation as. We implement that so we just have to met I said Jilla t managing it you I've set some of that with productivity and you still get margin lacretia capital spending also seems. To be on the rise perhaps in part because of course it's encouraged under the current tax. Reform bill is that been the case for you or you are you ramping up your capital spending absolutely we we've gone from running about two-and-a-half percent of revenues to about three and a half percent but a lot of that is actually related to capacity expansion we've had a we've had a tremendous growth spurt the last few years. And so we're actually expanding. Capacity in 13 American plants right now we're building two American plant new American plants as we speak so a lot of our capital capital spending is actually related to our bro got the home depot numbers out this morning some disappointment on that sales figure as it relates to the weather and. The late arrival of the spring season. Though bears might look at it and say maybe the housing market has peaked out here yeah I think I feel like the Bears are totally missing that one we don't see any issue with respect to the underlying market in the housing and DIY we had our own weather problems in the in the first. Quarter with our outdoor products and you know the street took a whack at us we were down 7% that day your spots down about 15% for the year yeah we were up 48 percent last year so you know you're gonna have a little take a little bit. Of froth out of it but there definitely is a sense that you know there may be some slowing and in the consumer there may be some slowing and construction there may be some slowing and auto you know you folks are very familiar with that so are we but what I'm telling you is. Number one it's not happening to the extent that the market is telling us number two more than 50 or about 50% of our sales. Are overseas and the markets are solid over there for the most part you know so the emerging markets are pretty solid Europe is you know hanging in there and still has growth so there's. A lot of positives around the world and I don't want to get too hung up on you know there are some questions about a rising interest rates energy costs you know inching up and so forth so yeah that's all real you brought in the tape. Measures which I now. Have the craftsman name and we talked about in consumer products we talked about brand fragmentation all the time how that hurts toothpastes and dog food but brands like this not so much president is an incredible brand it's an American brand iconic American brand so many people have pressman in their garages in their homes so many. Auto mechanics have it so many construction folks have it it's a it's a. Brand that we are revitalizing it was caught it sort of trapped in its retail environment and in Sears for. Many years we've liberated it it's going to be implemented in it started we've started the products in you're gonna see a big push in the second half with. Respect to that and 2019 we're gonna paint the store red you know for Lowe's and it's gonna be a really great initiative and it's just a great feeling to be able. To. Take this brand that has been neglected for a while re Americanized it and bring it home and make it a big splash here in the United States I do love a good tape measure. Houston. Thank you. Jim larae.

 


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Thu, 09 May 2019 20:06:13 GMT
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