Jim Bianco, president and strategist of Bianco Research, and Dave Maney, CEO of The Expert Press, break down the pressures America’s CEOs face in the job market.
Stanley Black & Decker said it will eliminate approximately 300 positions in New Britain, Connecticut, and close a manufacturing facility that produces single-sided tape measures as part of its ongoing restructuring efforts.
The move is related to what the company described as a continued decline in demand for the product category. The New Britain facility primarily produces single-sided tape measures, which the company says are becoming obsolete in certain markets.
“Due to a structural decline in demand for single-sided tape measures, we have decided to close our New Britain facility where these products are primarily manufactured,” Debora Raymond, vice president of external communications for Stanley Black & Decker, said in a statement to WFSB. “These products are quickly becoming obsolete in the markets we serve.”
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The move is related to what the company described as a continued decline in demand for the product category. (Alex Flynn/Bloomberg via Getty Images)
Raymond said the company is focused on assisting affected employees during the transition, including exploring opportunities in other locations and providing severance packages and job placement support for both salaried and hourly employees.
The reduction will affect about half of the company’s roughly 600 employees in New Britain starting in 2024. Stanley Black & Decker said its world headquarters in the city will remain open. The company has not disclosed a timeline for the facility’s closure.
DeWalt power tools are on display at a Home Depot store. (Michael M. Santiago/Getty Images)
The decision comes as Stanley Black & Decker continues to implement a multi-year plan for cost savings and operational simplification. Since the end of 2023, the company has reduced its global workforce by approximately 7,000 employees and completed a $2 billion savings program, including facility consolidation and supply chain adjustments.
Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its longstanding presence has contributed to the city’s identity as “Hardware City.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SWK | STANLEY BLACK & DECKER INC. | 84.04 | -2.45 |
-2.83% |
Connecticut Governor Ned Lamont acknowledged the impact on workers and families and said the workforce transition is difficult, but expressed hope that affected workers will find new opportunities.
Stanley Black and Decker is helping affected employees during the transition, said Debora Raymond, vice president of external communications. (Getty Images)
“While Stanley has made the decision to cease operations to produce obsolete products, a change in employment options is difficult for employees, their families and every community,” Lamont said in a news conference. statement to WFSB. “However, I am hopeful that these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will still be proudly headquartered here in Connecticut. My administration is working closely with local and state leaders to support affected workers and reimagine the factory site so it can continue to create opportunity and strengthen New Britain’s economic future.”
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The company did not indicate whether additional staffing actions are planned at other locations.
