Strong brand names and leading market shares; Product and geographic diversity; Competitive cost structure; Substantial sales to growing markets; and Strong cash generation. Cyclical consumer and industrial demand; Mature hand tool markets, particularly in North America; Commodity and energy cost pressures; and Moderate acquisition risk. The ratings on New Britain, Conn.-based Stanley Works Co. reflect the company's strong market positions in a variety of tools, hardware, and commercial security products and services for use in the do-it-yourself (DIY), industrial, professional, and construction markets. The company also has good geographic diversity, a competitive cost structure, and strong cash flow, which offset the cyclical nature of its markets, raw material cost pressures, and price competition in the global tools industry. With 31%
