Dive Brief:
- Stanley Black & Decker is set to invest $1 billion in U.S. manufacturing, R&D, and workforce training through 2028.
- Half of the funds will enhance domestic manufacturing, with the other half directed towards developing next-gen tools and technologies.
- The company is also on track with a prior commitment to invest $60 million in skilled trades training, having allocated $27 million in the last three years.
Dive Insight:
- This investment addresses the need for advanced tools and technology to improve productivity and fill the skilled trades gap. The construction industry needs 456,000 new workers next year, largely due to an aging workforce and immigration issues.
- Despite the challenges, there’s emerging interest among young adults in construction trades. Stanley Black & Decker’s Dewalt Grow the Trades Initiative awarded $200,000 in scholarships for welding, electrical, and carpentry trades.
- Stanley Black & Decker reported a $118 million pre-tax gain related to tariff refunds, significantly boosting its quarterly earnings. The firm plans to use these funds for growth investments.
- The company operates over 100 manufacturing facilities globally, with 50 in the U.S., and employs 43,500 people across 59 countries.
- The investment trend aligns with increased domestic commitments from other major companies, indicating a broader movement to strengthen U.S. manufacturing capabilities.
