Market Pulse
Stanley Black & Decker consolidating operations, potentially affecting hundreds of jobs
Stanley Black & Decker Inc. (SWK) on Monday announced moves to consolidate or discontinue facility operations in some parts of the country, potentially affecting more than 300 employees in one way or another. The moves by the tool maker, part of an effort to save money, include transferring its Cheraw, S.C., operations to its facilities in Jackson and Gallatin, Tenn., and discontinuing operations in Fort Worth, Texas. "These actions will impact 175 employees at the Texas facility and 182 employees in South Carolina, while adding 80 jobs in Tennessee," the company said. It added that it would offer options for work at other company facilities and job-placement support services. The decision, executives said, aligned with a bigger transformation strategy intended to bring $2 billion in savings, and "are reflective of current economic conditions which highlighted needed changes in Stanley Black & Decker's production and distribution network." Shares were unchanged after hours, after finishing 1.2% during the regular session.
-Bill Peters
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March 20, 2023 16:19 ET (20:19 GMT)
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