Hartford Business Journal

November 26, 2018

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www.HartfordBusiness.com • November 26, 2018 • Hartford Business Journal 17 the state Department of Economic and Community Development, is among those harboring concerns. "There's no doubt it's extremely at- tractive for a real-estate investment,'' she said. Earlier this year, Smith said she and fellow economic-development chiefs in a dozen other states jointly wrote to Treasury officials, urging they draft rules that would be as "friendly as pos- sible to business startups.'' "There's a ways to go before it's really as good for the entrepreneur as it is for the real-estate developer,'' she said. Another tough OZ provision, experts say, mandates that, in order for inves- tors to reap the maximum tax benefit from their OZ investment, they must wait as long as 10 years to recover at least their initial stakes. Under rules co-drafted by the IRS, and open for public comment through the end of the year, OZ funds that in- vest in eligible enterprises must do so via an equity stake, not a loan. Certified public accountant Brian D. Newman, partner and office department head at CohnReznick LLP, says Treasury will likely issue more clarifications of OZ rules in coming weeks as they collect and analyze public feedback. One rule as proposed, he said, gives OZ funds up to 31 months to put their working capital into qualified OZ businesses, as long as the funds have a written action plan or schedule for applying the capital. Meanwhile, DECD's Smith says her agency is committed to educating potential investors, developers and others about the benefits of OZs and OZ funds. Staff is creating a website devoted to OZs, featuring a map iden- tifying each OZ in the state, plus other useful information. DECD staff, too, are working with economic-development officials in OZ- designated communities to identify "the best, shovel-ready projects,'' the commissioner said. For more information about Connecticut "Opportunity Zones," contact DECD's Maya Loewenberg at 860-500-2455. Corporate Profile Stanley Black & Decker Inc. 1000 Stanley Drive, New Britain, CT 06053 www.stanleyblackanddecker.com Stanley Black & Decker Inc. manu- factures power and hand tools, mechanical access solutions and elec- tronic security and monitoring systems for various indus- trial applications. 2015 2016 2017 0 $3,000 $6,000 $9,000 $12,000 $15,000 In millions of dollars Profits Revenues $883.7M $965.3M $1.2B $11.2B $11.4B $12.7B News Headlines ■ ■ In October, Stanley Black & Decker announced its third-quarter profits fell 9.7 percent and that it would establish a cost-savings program to save $250 million next year. ■ ■ In September, Stanley paid $234 million cash for a stake in Ohio outdoor lawnmower maker MTD Products Inc. to expand its footprint in the lawn-and- garden sector. ■ ■ In August, Stanley said it would pay $690 million cash for the heavy-tool attachments portfolio of an Illinois tool vendor, IES Attachments Group. Corporate suite Stock Non-equity Exec. Salary Bonus Awards Incentive Total James M. Loree President/CEO $1,204,167 $0 $5,687,086 $2,851,200 $16,211,415 John H. Wyatt Pres. Stanley Engineered Fastening $560,000 $0 $2,562,803 $670,320 $4,566,016 Jeffrey D. Ansell EVP/Pres. Tools & Storage $697,500 $0 $1,568,835 $1,245,440 $4,470,371 Profits and Revenues Fact box Industry: Machine tools and accessories 3Q 2018 Revenue: $3.5B 3Q 2018 Net Income: $247.8M 3Q 2017 Net Income: $274.5M Quarterly Profit Change: $(26.7M) Cash: $368.7M Employees: 57,765 Competitors: Bosch Security Systems Danaher Corp. Makita Corp. Stock watch Ticker Symbol SWK Market Cap $19.16B 52 Week Range Price $106.41–$176.62 Outstanding Shares 151.06M Top institutional investors Shares % Stake Vanguard Group Inc. 12,025,093 7.86 JP Morgan Chase & Co. 10,744,278 7.02 Blackrock Inc. 9,874,426 6.45 James M. Loree, President & CEO CT Opportunity Zones There are 72 designated Opportunity Zones in Connecticut. They are spread among these cities and towns: Ansonia Bridgeport Bristol Danbury East Hartford Groton Hamden Hartford Manchester Mansfield Meriden Middletown Naugatuck New Britain New Haven New London Norwalk Norwich Putnam Stamford Stratford Torrington Waterbury West Hartford West Haven Windham Windsor Source: CT Department of Economic and Community Development Areas of Hartford, West Hartford and East Hartford shaded in blue are in Opportunity Zones. MAP | CONTRIBUTED

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