Stanley Black & Decker plans to invest $1 billion in its U.S. manufacturing and R&D operations over the next two years, company officials announced.
Half of the money is earmarked for capital spending and other “long-term investments” to strengthen its domestic manufacturing footprint and support new product development, while the remainder would be focused on research and development to “accelerate the creation of next-generation tools and breakthrough solutions.”
Company officials hope new advancements in tools and technology will increase productivity in the construction sector, which faces a labor shortage.
“By advancing technology, investing in U.S. manufacturing and expanding training to skilled trades, Stanley Black & Decker is helping to build a stronger workforce and a more resilient future for communities across the nation,” stated CEO Chris Nelson.
The company has already invested $27 million of a projected $60 million overall toward its DeWalt brand’s “Grow the Trades” initiative, which aims to expand training and career pathways in the skilled trades.
During Q2, Engineered Fastening sales fell 18% to $396 million as higher volume (+3%) and currency tailwinds (+1%) were offset by the Consolidated Aerospace Manufacturing divestiture in April and the previously announced transition to a licensing model for the gas walk-behind outdoor products.
