Power Tool Industry October 2021
Stanley Black & Decker
SB&D is launching a 5-year, up to $25 million commitment to fund vocational skills training and reskilling programs in the construction and manufacturing sectors. Starting in October, nonprofits around the globe can apply for grants. There are currently 430,000 open construction jobs in the US alone and 10 million unfilled manufacturing jobs globally, due to the lack of skilled workers. The pandemic has further exacerbated this problem. SB&D is hoping to change misconceptions about skilled trade jobs, including the idea that the trades do not pay well. A report from Rock the Trades shows that many workers in skilled trades earn much more than the US national average salary of $53,000.
SB&D is acquiring Excel Industries for $375 million in cash. Excel is a leading manufacturer of commercial and residential turf-care equipment under the Hustler Turf Equipment and Big Dog Mower Co. brands. Excel serves 1,400 independent equipment dealers in the US and Canada and has about 600 employees.
SB&D renewed and expanded their partnership with Techstars. The theme for the 2022 Stanley + Techstars Accelerator will be electrification. Over the past three years the two companies have worked together accelerating startups focused on technologies such as 3D printing, bio-based materials, robotics, machine learning and artificial intelligence (AI). They have had applicants from 32 countries and helped graduates raise nearly $24 million. The 2022 Accelerator will run in-person from February 14 through May 12 at SB&D’s global headquarters in Baltimore, Maryland. The program will be expanded to include collaboration with UpSurge Baltimore, which is dedicated to positioning Baltimore as an innovation hub.
© Robert Bosch Tool Corporation. All rights reserved, no copying or reproducing is permitted without prior written approval.