Power Tool Industry March 2021
Stanley Black & Decker
SB&D named Donald Allan, Jr., President and CFO. Alan will retain his existing responsibilities, including Finance, STANLEY Security, Information Technology, Margin Resiliency, Industry 4.0 and Advanced Analytics, as well as shared oversight of Global Operations and Supply Chain. He will also lead the strategy and implementation of Stanley Black & Decker's operating model and will have oversight of Outdoor, Asia Tools & Storage and Stanley X. Allan joined the company in 1999 as director of financial planning before being appointed Senior Vice President and CFO in 2008, and later Executive Vice President and CFO. He’ll continue to report to CEO Jim Loree.
CEO Jim Loree admitted they may have cut too many jobs last year when they put a $1 billion restructuring program in place at the outset of the pandemic. Loree said that his initial read of the economy failed to anticipate the surprise boom in purchases by people stuck at home. After making 1,000 permanent job cuts last year and putting an unknown number of temporary workers and contractors on hiatus, SB&D now lists 800 job opening in the US. SB&D expects the strong sales that developed as the home-bound and bored discovered the real and therapeutic benefits of tackling home improvement projects to continue into the first quarter as retailers replenish inventory and consumers look ahead to the spring lawn and garden season. SB&D is still down about 6,400 jobs worldwide. SB&D employs about 17,600 people in the US.
SB&D plans to add a large Craftsman manufacturing plant in Fort Worth, Texas this year that will employ 500 people.
SB&D joined Greentown Labs, the largest climatech startup incubator in North America, as the lab’s newest Terawatt Partner, the highest level of engagement. SB&D said they want to inspire innovators and makers to create a more sustainable world. A unique element of the partnership is an SB&D Tool Shop onsite at Greentown headquarters in Somerville, Massachusetts that will feature $25,000 worth of donated tools and equipment. The tools and equipment will be made available to Greentown’s Boston community of more than 100 climatech startups. SB&D will also provide training sessions.
DeWalt recalled 4,500 cordless kerosene forced-air heaters because they can restart unexpectedly while in standby mode if the room temperature falls below the thermostat set point, posing fire and carbon monoxide poisoning hazards. No injuries have been reported.
SB&D received a perfect score of 100 on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index. More than 760 major US businesses also earned top marks this year.
Forbes named SB&D to their list of the Top 500 Best Large Employers in America. SB&D ranked #100 overall and third out of 25 companies in their category.
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