Stanley Black & Decker to cut 300 jobs, close Connecticut tape-measure
Bianco Research president and strategist Jim Bianco and The Expert Press CEO Dave Maney break down pressures U.S. CEOs are facing in the labor market.
Stanley Black & Decker said it will eliminate roughly 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 tied to what the company described as a sustained decline in demand for the product category. The New Britain site primarily manufactures single-sided tape measures, which the company said are becoming obsolete in certain markets.
“As a result of a structural decline in demand for single-sided tape measures, we have decided to close our facility in New Britain that predominantly makes these products,” 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.”
The move is tied to what the company described as a sustained decline in demand for the product category. (Alex Flynn/Bloomberg via Getty Images)
Raymond said the company is focused on assisting affected workers through the transition, including exploring opportunities at other locations as well as providing severance and job placement support for both salaried and hourly employees.
The reduction affects approximately half of the company’s roughly 600 employees in New Britain as of 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 displayed at a Home Depot store. (Michael M. Santiago/Getty Images)
The decision comes as Stanley Black & Decker continues executing a multiyear cost-reduction and operational simplification plan. Since late 2023, the company has reduced its global workforce by about 7,000 employees and completed a $2 billion savings program that included facility consolidations and supply chain adjustments.
Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its longstanding presence contributed to the city’s “Hardware City” identity.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SWK | STANLEY BLACK & DECKER INC. | 81.63 | -2.41 | -2.87% |
Connecticut Gov. Ned Lamont acknowledged the impact on workers and families, saying workforce transitions are difficult but expressed hope that affected employees will find new opportunities.
Stanley Black and Decker is assisting affected workers through the transition, said Debora Raymond, vice president of external communications. (Getty Images)
“Although Stanley has made the decision to discontinue operations for manufacturing outdated products, a change in workforce opportunities is difficult for employees, their families, and any community,” Lamont said in a…
Read More: Stanley Black & Decker to cut 300 jobs, close Connecticut tape-measure