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Sunday, June 16, 2024

Stanley Black & Decker to close Cabarrus distribution center

Stanley Black & Decker will close its distribution center in Concord next year, resulting in the loss of 224 jobs, according to paperwork filed with the state.

The move is part of the changes the New Britain, Connecticut-based company started making in 2023 involving its manufacturing and distribution network. The closure is an “effort to optimize its footprint,” according to the company.

Layoffs will take place in five phases, beginning with 19 employees in August, and another 35 in December of 2024. Other layoffs will take place from Feb. 21-March 7, 2025 (83 employees), June 27-July 11, 2025 (83 employees) and Sept. 26-Oct. 10, 2025 (four employees), according to the company.

Some employees will be offered transfers to another area. There are no “bumping rights” for salaried & non-union hourly employees.

In March, Stanley Black & Decker announced it would close a manufacturing site in Fort Mill, South Carolina, resulting in the loss of 192 jobs. That plant, within about a mile of the North Carolina line, manufactured Dewalt cordless power tools and other equipment.

The distribution center in Cabarrus County sits on more than 55 acres and operates out of a 933,000 square-foot building. County tax records appraise the value of the land, owned by Citicorp North America, at $40.5 million.

Stanley Black & Decker had revenue of $15.7 billion in 2023, with a net loss of $311 million, after averaging annual profit of $1.3 billion over the previous three years. It previously launched a cost reduction program expected to produce annual cost savings of $1.5 billion by the end of this year, then $2 billion by December 2025.

The company has more than 50,000 employees worldwide and more than 100 manufacturing sites, including 50 in the U.S., according to its website.

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