52 | FORBES ASIA JUNE 2018
LEAR US 780 S
LEG IMMOBILIEN GE 1647O
LEGAL & GENERAL UK 187O
LEGEND CN 692T
LEGRAND FR 1063 S
LEIDOS US 1502 S
LENDLEASE AU 1197T
LENNAR US 655 S
LENOVO HK 1080T
LEONARDO IT 1290 T
LEUCADIA NATIONAL US 1052T
LG CHEM KO 474S
LG KO 748S
LG DISPLAY KO 778T
LG ELECTRONICS KO 411S
LG HOUSEHOLD & HEALTH CARE KO 1247S
LG INTERNATIONAL KO 1982O
LG UPLUS KO 1490S
LI & FUNG HK 1849T
LIBERBANK SP 1774 S
LIBERTY BROADBAND US 1153S
LIBERTY EXPEDIA US 1310T
LIBERTY GLOBAL UK 735T
LINCOLN NATIONAL US 379T
LINDE GE 352 T
LINDT & SPRUNGLI SZ 1560T
LINK REIT HK 817S
LIUZHOU IRON & STEEL CN 1907T
LIVE NATION ENTERTAINMENT US 1686S
LIXIL (CONSTRCT MATERIALS) JA 1147T
LKQ US 1328 T
LLOYDS BANKING UK 94S
LOCKHEED MARTIN US 208T
LOEWS US 488 S
LOGAN PROPERTY CN 1387S
LONDON STOCK EXCHANGE UK 751S
LONGFOR PROPERTIES CN 494S
LONGI GREEN ENERGY TECH CN 1659T
LONZA SZ 1074S
L’ORÉAL FR 207T
LOTTE CHEMICAL KO 700S
LOTTE SHOPPING KO 1231T
LOWE’S US 211 T
LUKOIL RU 98 S
LUNDBERGS SW 1454 T
LUNDIN PETROLEUM SW 1695O
LUXOTTICA IT 793T
LUZERNER KANTONALBANK SZ 1856S
LUZHOU LAO JIAO CN 1672O
LYONDELLBASELL INDUSTRIES UK 291S
M&T BANK US 536T
MAANSHAN IRON & STEEL CN 1390O
MACQUARIE AU 375T
MACY’S US 729 S
MAGNA INTERNATIONAL CA 391S
MAGNIT RU 1152 T
MAGNITOGORSK IRON & STEEL RU 1214S
MAHINDRA & MAHINDRA IN 826S
MAKITA JA 1709 S
MALLINCKRODT UK 1427 O
MANPOWER US 1297 T
MANULIFE CA 184 T
MAPFRE SP 566 T
MARATHON OIL US 1359T
MARATHON PETROLEUM US 216S
MARINE HARVEST NO 1846T
MARKEL US 1102 T
MARKS & SPENCER UK 1845T
MAROC TELECOM MO 1509O
MARRIOTT INTERNATIONAL US 421S
MARSH & MCLENNAN US 500T
MARTIN MARIETTA MATERIALS US 1478S
MARUBENI JA 348 S
MASCO US 1314 T
MASHREQ BANK AE 1463T
MASRAF AL RAYAN QA 1483T
MASTERCARD US 367 S
MATCH US 1952T
MATERIALS IND ZHONGDA CN 1203S
MAXIM INTEGRATED PRODUCTS US 1662T
MAXIS MA 1779 T
MAYBANK MA 394 T
MAZDA MOTOR JA 739T
MCCORMICK US 1308 S
MCDONALD’S US 241 T
MCKESSON US 170 S
MEBUKI FINANCIAL JA 1398T
MEDIATEK TA 1001 T
MEDIOBANCA IT 934 S
MEDIPAL JA 1389T
MEDTRONIC IR 154 T
MEGA FINANCIAL TA 865T
MEIJI (FOOD, DRINK & TOBACCO) JA 1181T
MERCK GE 308 T
MERCK & CO. US 191T
MERCURIES & ASSOCIATES TA 1504S
MERITZ FINANCIAL KO 1392S
MERLIN PROPERTIES SP 1486S
METALLURGICAL CO OF CHINA CN 510T
METALURGICA GERDAU BR 1614T
METLIFE US 78 S
METRO CA 1167 S
METRO GE 1041O
METROPOLITAN BANK & TRUST PH 1750T
METTLER-TOLEDO INTL US 1885T
MGM RESORTS US 576S
MICHAEL KORS UK 1864T
MICHELIN FR 405T
MICROCHIP TECHNOLOGY US 1788S
MICRON TECHNOLOGY US 221S
GLOBAL 2OOO
is littered with stories
about legacy compa-
nies that were compla-
cent, inwardly focused,
arrogant.”
Stanley’s variable-
voltage battery didn’t
reach stores until June
2016, but it looks like
a winner. Lithium-ion
batteries are getting
big enough these days
to run not just hand-
held drills but also
standing equipment
like table saws. The big
tools, though, need a
much higher voltage to
operate eiciently. The
designers in Maryland
figured out how to
make batteries inter-
changeable by having
the tool tell the battery
what kind of juice it
wants.
By this trick Stanley
gets carpenters ad-
dicted not just to its
tools but also to its batteries, which retail for up to $199 apiece. They’ll pay
extra to be able to build a house without lugging a noisy generator to the
job site and tripping over power cords. Stanley is hauling in $300 million
a year on its FlexVolt batteries and wants to see a lot more breakthroughs,
meaning innovations that will each add $100 million or more to revenue.
Loree, 59, who has been running the company for two years, is a
finance guy, not an engineer. He joined General Electric in 1980 as an
auditor and spent 19 years there, mostly at GE Capital. In 1999 John
Trani, the GE alum then running Stanley Works, brought Loree in as
chief financial oicer.
Trani was trying to turn around a troubled company whose $2.75 bil-
lion of revenue came mostly from hand tools like tape measures and build-
ers’ hardware like hinges. Recalls Loree: “It couldn’t ship efectively. It had
a weak supply chain. Almost all the things you could think of that could go
wrong for the company were going wrong.”
Slowly, Stanley did turn itself around, and in 2002 began an acquisition
binge. Loree’s financial skills paid of. In 2009 chief executive John Lund-
gren, urged on by Loree, engineered the acquisition of Black & Decker, a
century-old maker of power tools. Despite the fact that Black & Decker
was larger (in employee count), Stanley was the top dog in the merger.
Loree has worked on more than 100 acquisitions at Stanley, and since
taking over as CEO has spent $3 billion buying businesses. Recent deals
gave him Irwin drill bits and Lenox saw blades, bought from Newell, and
Craftsman, a venerable but tired brand bought from Sears.MICROSOFT US 20 T
MIDEA CN 245S
MIGDAL INSURANCE IS 1480S
MINEBEA JA 1488 O
MIRAE ASSET DAEWOO KO 1299S
MIRAE ASSET LIFE INSURANCE KO 1947O
MITSUBISHI JA 112 S
MITSUBISHI CHEMICAL JA 441T
MITSUBISHI ELECTRIC JA 298T
MITSUBISHI ESTATE JA 564T
MITSUBISHI HEAVY INDUSTRIES JA 575S
MITSUBISHI MATERIALS JA 1424T
MITSUBISHI MOTORS JA 810S
MITSUBISHI UFJ FINANCIAL JA 37T
MITSUBISHI UFJ LEASE JA 1133T
MITSUI JA 183 S
MITSUI CHEMICALS JA 1339S
MITSUI FUDOSAN JA 399T
MITSUI OSK LINES JA 1401T
MIZRAHI TEFAHOT BANK IS 1527T
MIZUHO FINANCIAL JA 114T
MMI SA 1559S
MOHAWK INDUSTRIES US 929T
MOL HUNGARIAN OIL HU 921S
MOLINA HEALTHCARE US 1674S
MØLLER-MAERSK DE 587 T
MOLSON COORS BREWING US 672T
MONDELEZ INTERNATIONAL US 211S
MONDI UK 1132 T
MONSANTO US 427 T
MONSTER BEVERAGE US 1175T
MOODY’S US 1095 S
MORGAN STANLEY US 50S
MOSAIC US 1372 T
MOSCOW EXCHANGE RU 1667T
MOTHERSON SUMI SYSTEMS IN 1698S
MOTOROLA SOLUTIONS US 1541T
MS&AD INSURANCE JA 334T
MSCI US 1993 O
MTN SA 1069T
MTR (TRANSPORTATION) HK 545S
MTU AERO ENGINES GE 1831O
MUNICH RE GE 279T
MURATA MANUFACTURING JA 632T
MURPHY USA US 1881S
MUSASHINO BANK JA 1840T
MYLAN UK 652 T
NAN YA PLASTICS TA 617S
NANJING IRON & STEEL CN 1990T
NANTO BANK JA 1735T
NANYA TECHNOLOGY TA 1412S
NARI TECHNOLOGY DEV CN 1657O
NASDAQ US 1204 S
NASPERS SA 531 S
NATIONAL AUSTRALIA BANK AU 125T
NATIONAL BANK OF CANADA CA 529S
NATIONAL BANK OF GREECE GR 1616T
NATIONAL BANK OF KUWAIT KU 809T
NATIONAL COMMERCIAL BANK SU 455T
NATIONAL GRID UK 249T
NATIONAL OILWELL VARCO US 1209T
NATIXIS FR 347 T
NAVER KO 1316 T
NAVIENT US 1409 T
NEC JA 1010 T
NESTE OIL FI 784S
NESTLE SZ 48 T
NETAPP US 1578 S
NETEASE CN 823 T
NETFLIX US 602 S
NEW CHINA LIFE INSURANCE CN 402T
NEW RESIDENTIAL INVESTMENT US 1324S
NEW WORLD DEVELOPMENT HK 585S
NEW YORK COMMUNITY US 1472T
NEWELL BRANDS US 544S
NEWMONT MINING US 1099T
NEWS CORP US 1642T
NEXON JA 1493 O
NEXT UK 1435 T
NEXTERA ENERGY US 182S
NH FOODS JA 1964T
NH INVESTMENT & SECURITIES KO 1830S
NIDEC JA 591 S
NIELSEN US 1329 T
NIKE US 344 T
NINE DRAGONS PAPER HK 1373O
NINTENDO JA 660 S
NIPPON EXPRESS JA 1416T
NIPPON PAINT JA 1795T
NIPPON PAPER INDUSTRIES JA 1915T
NIPPON STEEL & SUMITOMO
METAL JA 304S
NIPPON STEEL TRADING JA 1697S
NIPPON TELEGRAPH & TEL JA 46T
NIPPON YUSEN JA 1337T
NISHI-NIPPON FINANCIAL JA 1571S
NISOURCE US 1825 T
NISSAN MOTOR JA 97T
NITORI JA 1310T
NITTO DENKO JA 1147S
NKT DE 1874 T
NN NE 318S
NOBLE ENERGY US 1416T
NOBLE HK 1600T
NOKIA FI 632 T
NOMURA JA 307 T
NOMURA RESEARCH INSTITUTE JA 1704S
NORDEA BANK SW 199T
NORDSTROM US 1370 T
NORFOLK SOUTHERN US 377S
SOUNCHANGED UP TDOWNONEW
ASIAN COMPANIES ARE IN RED TYPE
FORBES ASIA
STANLEYMercuries & Associates 1504
Mercuries started as a humble exporter of handicrafts
in 1965. It has since diversified into retail businesses
including restaurants and department stores as well
as the life insurance, pharmaceutical and computer
equipment sectors. The group’s life insurer, Taiwan’s
eighth largest, contributed 78% of its revenues last
year, followed by 9% from retail. Company chairman
Henry Chen, 53, took the helm upon his father’s
death in 2004. His three younger brothers run
subsidiaries. The Chens own a combined quarter
stake with cofounder Chao-Hsi Weng’s family taking
another 25%. In May, Japan’s Sumitomo Corp. agreed
to buy 22% of the group’s supermarket chain Simple
Mart for $41 million following an earlier drugstore
partnership. Sumitomo will help Simple Mart double
its store count by 2023, from 630 now. The island’s
second-largest chain reported double-digit growth
with $355 million in 2017 sales.IMAGINECHINA