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Toolmaker Stanley Black & Decker will shutter its northern Fort Worth factory and lay off 175 as part of a broader effort to shrink its manufacturing and distribution network.
The toolmaker is also transferring operations from a facility in Cheraw, S.C., to two other plants in Tennessee. The South Carolina plant has 182 employees and 80 jobs are being added to the Tennessee factories.
Stanley Black & Decker, which makes brands such as DeWalt, Craftsman, Cub Cadet and Troy-Bilt, said the moves were part of a “transformation strategy designed to deliver $2 billion in cost savings and are reflective of the current economic conditions which highlighted needed changes in Stanley Black & Decker’s production and distribution network,” the company said in a statement Monday.
The company did not give a timeline for the plant closings.
In Fort Worth, the company only opened the 425,000-square-foot facility in late 2020 in the AllianceTexas development near Interstate 35W. It was the company’s first new manufacturing facility in several years after buying the Craftsman brand from Sears in 2017. It’s just east of Perot Field Fort Worth Alliance Airport.
In Fort Worth, workers made mechanic’s tools under the Craftsman brand including sockets, ratchets and wrenches.
The company originally targeted the site for as many as 500 jobs, but Monday’s announcement said the closing would affect 175 workers.
The New Britain, Conn.-based firm said it would provide “options for employment at other Stanley Black & Decker facilities, as well as job placement support services.”
Stanley Black & Decker also has a 1.2-million-square-foot shipping hub north of Fort Worth in Northlake.
In September, the firm said it was cutting 1,000 jobs in finance to save about $200 million, according to the Wall Street Journal.
Stanley Black & Decker has 19,000 employees in the U.S. at 40 manufacturing facilities. It posted a $164 million profit in 2022, but lost $106 million in the fourth quarter. Its 2022 revenue was just under $17 billion.
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March 21, 2023 at 04:23AM
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Toolmaker Stanley Black & Decker cutting 175 jobs in Fort Worth - The Dallas Morning News
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