Stanley Black & Decker (SWK) Provides Update on Changes to Its Manufacturing and Logistics Network to Support Business Transformation
As part of Stanley Black & Decker (NYSE:)’s business transformation strategy launched in 2022, and in an effort to optimize its footprint and better serve customers, the Company is announcing changes to its manufacturing and distribution network which will include U.S. site expansions, site transformations into manufacturing centers of excellence, and site consolidation.
As part of this effort, the Company is announcing it will transfer its Cheraw, South Carolina operations to its facilities in Jackson and Gallatin, Tennessee, and will discontinue 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 is focused on providing a smooth transition to impacted employees including options for employment at other Stanley Black & Decker facilities, as well as job placement support services.
These actions are aligned to the transformation strategy designed to deliver $2 billion of cost savings and are reflective of current economic conditions which highlighted needed changes in Stanley Black & Decker’s production and distribution network. Strategic actions supporting the transformation will also enable a more focused product portfolio and strategic sourcing while delivering operational and service excellence.
These efforts will support and strengthen Stanley Black & Decker’s core business, drive financial performance, and enable investments to ensure sustainable future growth.
Stanley Black & Decker is a major U.S. manufacturer, headquartered in Connecticut since 1843, and today has more than 40 manufacturing facilities and nearly 19,000 employees in the U.S. Over the past five years, the Company has grown its U.S. employee population by more than 5,000 across its Tools & Outdoor business, invested over half its capital expenditures in the U.S. totaling $1 billion, and has plans for continued future growth and investment enabled by its business transformation.