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March 21, 2023

Stanley Black & Decker announces plant closures amid $2B cost-cutting effort

HBJ Photo | Skyler Frazer Donald Allan Jr., president and CEO of Stanley Black & Decker, speaks in Hartford during a launch event for the Connecticut Workforce Partnership Initiative.
By Greg Bordonaro

New Britain tool and outdoor equipment maker Stanley Black & Decker announced Tuesday it will close manufacturing facilities in  South Carolina and Texas as part of a supply chain restructuring that aims to cut $2 billion in expenses over three years. 

Stanley said it will transfer its Cheraw, South Carolina operations to its facilities in Jackson and Gallatin, Tennessee, and discontinue operations in Fort Worth, Texas. The closures will lead to 175 job cuts at the Texas facility and 182 in South Carolina, the company said, while it will be adding 80 jobs in Tennessee.

Stanley announced in July it would initiate a supply chain overhaul that would help generate $2 billion in savings over three years.

The tools and outdoor equipment manufacturer’s efforts include reducing inventory, closing manufacturing plants and standardizing product parts.

In a February earnings call with analysts, Stanley CEO and President Donald Allan Jr. also said the company had approximately 50,000 SKUs, or products, it was no longer manufacturing and approved for decommission.

“We activated our transformation with a sense of urgency to optimize our operations, which better serve our customers while also being efficient and agile with our footprint and cost structure,” Allan told investors.
Despite the consolidation, Stanley Black & Decker said it still has a major U.S. footprint with more than 40 manufacturing facilities and nearly 19,000 employees.
 

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