Stanley Black & Decker to Invest $1B in U.S. Manufacturing

Dow Jones08-12 20:17

Stanley Black & Decker is investing $1 billion in the U.S. to advance its technology and workforce in an effort to expand manufacturing capacity.

The maker of tools and industrial parts said Wednesday it plans to make the investment over the next two years, with about half going toward the research and development of tools for trade professionals.

The other half of the investment will support expenses related to expanding the company's manufacturing footprint in the U.S., as well as developing new products.

Stanley Black & Decker has also committed to investing $60 million through its Dewalt Grow the Trades initiative through 2030, about $27 million of which has already been deployed. Those funds are going toward expanding training programs.

The construction sector is facing challenges deploying tools to boost productivity and fulfill its workforce needs, the company said.

"These investments will empower America's tradespeople to work safer, reach new levels of productivity, and rise to help solve the nation's toughest challenges," Chief Executive Chris Nelson said.

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