Stanley Black & Decker announced that it would cut approximately 300 positions in New Britain, Connecticutand close a manufacturing plant that produces single-sided measuring tapes as part of its ongoing restructuring efforts.
This decision is linked to what the company described as a drop in demand for the product category. The New Britain site primarily makes single-sided measuring tapes, which the company says are becoming obsolete in some markets.
“Due to a structural decline in demand for single-sided measuring tapes, we have decided to close our factory in New Britain which primarily manufactures 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.”
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The move is linked 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 working to help affected workers through the transition, including exploring opportunities at other locations and providing them with severance and investment support for salaried and hourly employees.
The reduction will affect about half of the company’s approximately 600 employees in New Britain starting in 2024. Stanley Black & Decker said its global headquarters in the city would remain open. The company has not disclosed a timeline for closing the facility.
DeWalt power tools are on display in a Home Depot store. (Michael M. Santiago/Getty Images)
The move comes as Stanley Black & Decker continues to execute a multi-year cost reduction and operational simplification plan. Since late 2023, the company has reduced its global workforce by approximately 7,000 employees and completed a $2 billion savings program that included the consolidation of its facilities and supply chain adjustments.
Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its long-standing presence has contributed to the city’s “Hardware City” identity.
Teleprinter Security Last Change Change % SWK STANLEY BLACK & DECKER INC. 84.04 -2.45 -2.83% 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 helping affected workers through the transition, said Debora Raymond, vice president of external communications. (Getty Images)
“Although Stanley has made the decision to cease operations manufacturing obsolete products, a change in workforce opportunities is difficult for employees, their families and any community,” Lamont said in a statement. statement to WFSB. “However, I hope these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will always be proudly headquartered here in Connecticut.” My administration is working closely with local and state leaders to support impacted workers and reimagine the plant 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 personnel actions were planned at other sites.
FOX Business has reached out to Stanley Black & Decker for comment.
