Belt tightening at Stanley Black and Decker
New Britain, Connecticut-based Stanley Black and Decker intends to close a distribution center in Concord, North Carolina next year, according to multiple news reports citing a Worker Adjustment and Retraining Notification Act notice filed with the state.
Phased layoffs in Concord will begin Aug. 5.
The announcement of the Concord closure follows closely on the heels of a similar announcement: the planned closure of a manufacturing site in Fort Mill, South Carolina.
In Stanley’s first quarter earnings release from May 1, the tool giant described a “global cost reduction program supporting gross margin expansion.”
The program is expected to generate $1.5 billion in cost savings by the end of 2024 and $2 billion by the end of 2025.
Of the $2 billion savings, $1.5 billion is expected to be delivered through a supply chain transformation that leverages strategic sourcing, drives operational excellence, consolidates facilities and optimizes the distribution network, and reduces complexity of the product portfolio,” the company announced in the May 1 earnings release.
