Stanley Black & Decker is closing a plant in Fort Worth it opened in 2020, part of a restructuring of the toolmaker’s manufacturing and distribution network.
As part of the restructuring plan, the New Britain, Connecticut-based manufacturer said it will discontinue operations in Fort Worth and transfer its Cheraw, South Carolina, operations to its facilities in Jackson and Gallatin, Tennessee.
The closing of the Fort Worth facility will result in the loss of 175 employees. The company will also cut 182 employees in South Carolina, while adding 80 jobs in Tennessee. The company did not say when the Fort Worth plant would be closing.
The 425,000-square-foot plant in the Alliance area of north Fort Worth made mostly Craftsman brand tools. It opened in 2020. The company also has a 1.2 million-square-foot shipping hub with about 300 jobs just north of Fort Worth in Northlake. That location is not affected, according to the company.
In 2019, the Fort Worth City Council approved a five-year tax abatement agreement with Stanley Black & Decker. However, the agreement was never finalized and the company relocated the plant without the tax abatements, according to Robert Sturns, director of economic development for the city.
According to a news release from Stanley Black & Decker, the closure and consolidation are part of its strategy aimed at $2 billion of cost savings. While the toolmaker has reported strong revenues, including $16.9 billion in 2022, it has been dealing with supply chain and consolidation issues over the past few years, according to a presentation on earnings from the company.
Stanley Black & Decker was founded in 1843 and has more than 40 manufacturing facilities and nearly 19,000 employees.
Bob Francis is business editor for the Fort Worth Report. Contact him at firstname.lastname@example.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.