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April 15, 2020

Stanley Black & Decker rolls out $10M COVID-19 relief program

Photo | HBJ File Stanley Black & Decker CEO James Loree.
By Joe Cooper

Stanley Black & Decker, which recently announced cost-cutting plans that include layoffs, has launched a philanthropic outreach program worth more than $10 million to support communities impacted by the COVID-19 pandemic.

The New Britain-based manufacturing giant on Tuesday said it pledged $5 million to the program for an emergency relief fund to aid employees and their families who have been severely impacted by the global health crisis. The fund, overseen by an independent organization, will be available to all employees who make personal contributions, officials said.

Stanley is also setting aside $4 million in financial contributions to COVID-19 focused not-for-profit organizations and other community-based outfits across the world.

Other funds will be used to purchase 3 million face masks and large amounts of other personal protective equipment for healthcare workers and first responders in communities where Stanley operates.

The company said it’s doubling employee’s personal donations to qualified charitable organizations of their choice, including the employee emergency relief fund.

Meantime, Stanley is also forming a global, companywide coronavirus response task force to allocate the company’s time and expertise to help limit the spread of COVID-19. That initiative will be led by Mark Maybury, Stanley’s chief technology officer.

The task force is already assisting universities, hospitals, manufacturers and other partners to apply its products, including 3D face shield printing, fasteners and battery technology for medical devices such as respirators.

“Today’s humanitarian and economic crises require everyone to contribute to the best of their abilities,” Stanley CEO James Loree said in a statement. 

“We are seeing the best of humankind, and it is inspiring to see the response by corporations, governments, NGOs, communities and individuals, who are all working together to address these daunting challenges,” he added.

Earlier this month, Stanley Black & Decker said it will pull back on acquisitions and reduce “non-essential” staffing, including through layoffs, amid sharp declines in its share price since the outbreak of the COVID-19 virus.

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