Stanley Black & Decker Cuts 300 Jobs
Stanley Black & Decker is cutting 300 jobs and closing a Connecticut factory in its hometown, signaling major shifts in tool manufacturing. This could affect tool availability and support for some product lines that DIYers and woodworkers rely on. The cuts reflect broader manufacturing changes that may impact the entire tool industry landscape.
The closure of the New Britain, Connecticut, factory marks the end of over 180 years of manufacturing by Stanley in the "Hardware City." The company was founded in New Britain in 1843, and this facility was its last remaining manufacturing plant in the city, though its corporate headquarters will stay. The decision to close the plant was driven by a "structural decline in demand for single-sided tape measures," which were the primary products made at the facility. A company spokesperson stated these products are "quickly becoming obsolete" as consumers shift to alternatives like laser and digital measuring devices. This specific closure is part of a much larger cost-cutting initiative implemented by Stanley Black & Decker in 2022. The company has been aiming to save approximately $2 billion by the end of last year through a broad business transformation strategy. The New Britain shutdown is not an isolated event. As part of its restructuring, Stanley Black & Decker has also recently closed plants in Fort Worth, Texas, and Cheraw, South Carolina, and has been steadily reducing its global workforce, which dropped from about 48,500 at the end of 2024 to 43,500. Broader economic pressures, including tariffs, have influenced the company's manufacturing footprint. In response, Stanley Black & Decker has been actively shifting its supply chain, aiming to reduce the percentage of its U.S. products sourced from China to less than 5% by the end of 2026. The company's strategy involves moving production to North America, particularly Mexico, to comply with the United States-Mexico-Canada Agreement (USMCA) and mitigate tariff expenses. This realignment is happening alongside significant investments in its major brands like DEWALT and Craftsman, with large new product launches planned.
