Stanley Black & Decker to cut 300 jobs, close Connecticut tape measure plant
Bianco Research president and strategist Jim Bianco and The Expert Press CEO Dave Maney break down the pressures US executives are facing in the labor market.
Stanley Black & Decker said it will eliminate about 300 positions in New Britain, Connecticut, and close a manufacturing facility that produces single-sided tape as part of its ongoing restructuring efforts.
The move is tied to what the company described as a continued decline in demand for the product category. The New Britain site produces single-sided tape systems, which the company said are becoming obsolete in certain markets.
“Due to the decline in demand for single-sided tape measures, we have decided to close our New Britain facility that manufactures these products the most,” said Debora Raymond, vice president of external communications for Stanley Black & Decker, in a statement sent to WFSB. “These products are rapidly becoming obsolete in the markets we serve.”
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The move is tied 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 helping employees affected by the transition, including looking for opportunities in other areas and providing layoff and hiring assistance for salaried and hourly employees.
The layoffs affect about half of the company’s approximately 600 employees in New Britain through 2024. Stanley Black & Decker said its global headquarters in the city would remain open. The company has not disclosed a timeline for the closure of the facility.
DeWalt power tools 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 cost-cutting and streamlining program. As of late 2023, the company has reduced its global workforce by approximately 7,000 employees and completed a $2 billion savings plan that includes facility consolidation and procurement restructuring.
Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its long presence has contributed to the city’s “Hardware City” identity.
| A ticker | Security | Finally | 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 labor turnover is difficult but expressed hope that affected workers will find new opportunities.
Stanley Black and Decker is helping employees affected by the transition, said Debora Raymond, vice president of external communications. (Getty Images)
“Although Stanley has made the decision to stop manufacturing obsolete products, the transition to employment opportunities is difficult for employees, their families and any community,” said Lamont in a statement sent to WFSB. “However, I am hopeful that these skilled workers will be back to work with the help of Stanley Black & Decker, a company that will continue to be proud to be headquartered here in Connecticut. My administration is working closely with local and state leaders to support affected workers and reimagine the factory environment so that it can continue to create opportunity and strengthen the economic future of New Britain.”
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The company did not indicate that additional labor actions are planned at other locations.
FOX Business has reached out to Stanley Black & Decker for comment.
