Stanley Black & Decker makes power drills and other tools.
Photo:
David Paul Morris/Bloomberg News
Stanley Black & Decker Inc.
has identified transactions in its international operations that may have violated US anti-bribery laws, the company said.
The New Britain, Conn.-based toolmaker. in its annual report said it voluntarily disclosed questionable transactions to the US Justice Department and the Securities and Exchange Commission.
The transactions raise concerns under the Foreign Corrupt Practices Act, which prohibits companies from paying bribes to foreign officials to gain a business advantage, Stanley Black & Decker said in a filing Thursday..
A representative for the toolmaker did not immediately respond Monday to a request for further comment. The company said in its filing that it is cooperating with the Justice Department and the SEC in their investigations, and is in the process of reviewing and improving its anti-corruption policies and controls.
Stanley Black & Decker in its filing did not disclose where the violations occurred. The company has about 60,000 employees and operates in 60 countries around the world, according to its website.
The company’s annual revenue rose to $16.9 billion at the end of the fourth quarter, up 11% from a year earlier, Stanley Black & Decker said. The company in its annual report said it is working to become more efficient, including reducing inventories and improving customer fulfillment rates.
Stanley Black & Decker last month said it was appointing a new chief financial officer to address inflation and supply-chain challenges.
The company benefited from consumers making home renovations and improvements during the Covid-19 pandemic, but high inflation and a worsening economic outlook have since eaten into demand for the its product.
Write to Dylan Tokar at dylan.tokar@wsj.com
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