Stanley Black & Decker to Cut Jobs and Close Facility
As part of its restructuring initiatives, Stanley Black & Decker has announced it will cut around 300 jobs and shutter a manufacturing plant that makes single-sided tape measures in New Britain, Connecticut. This decision stems from a prolonged decline in demand for these products, which the company indicates are becoming less relevant in certain markets.
Deborah Raymond, the company’s vice president of external affairs, mentioned in a statement that, “Due to structurally declining demand for single-sided tape measures, we have decided to close our New Britain facility, which primarily manufactures these products.” She noted that these items are quickly losing their market relevance.
The layoffs will impact nearly half of the 600 employees at the New Britain site by 2024. Despite the closures, Stanley Black & Decker confirmed that its global headquarters will remain operational in New Britain. Details regarding the closure timeline have not been provided.
Raymond stated that the company is committed to assisting its affected employees during this transition. This includes looking for opportunities at other locations and offering severance and outplacement support to both salaried and hourly employees.
This latest move aligns with the company’s ongoing multi-year plan to cut costs and simplify operations. Since late 2023, Stanley Black & Decker has reduced its global workforce by approximately 7,000 and has achieved a $2 billion savings target involving facility consolidations and changes to its supply chain.
Having been a mainstay in New Britain since the 19th century, Stanley Black & Decker’s presence is a significant part of the city’s identity as “Hardware City.”
Connecticut Governor Ned Lamont has recognized the challenges posed by this transition for employees and their families. He expressed hope that those affected would find new employment opportunities. “While Stanley has made the decision to cease operations that produce obsolete products, changing workforce dynamics can be tough,” he remarked. Lamont reassured that his administration is collaborating with local leaders to support impacted workers and continue building a prosperous economic future for New Britain.
The company has not indicated any plans for hiring at its other facilities. Fox Business has reached out to Stanley Black & Decker for further comments.
