A Gorham manufacturing plant of Stanley Black & Decker Inc. will close in March, laying off 96 people.
Operations at the facility, which makes machining equipment for the New Britain, Conn.-based company, are being transferred to a plant in Jackson, Tenn., a spokeswoman confirmed to Mainebiz Monday.
Stanley Black & Decker (NYSE: SWK), which has over 60,000 employees worldwide, recently filed a notice of the closing and layoff with the state, as required by law.
Abigail Dreher, director of public affairs, said the closure is “part of an ongoing effort to streamline operations,” but did not provide details. The transition is now underway, with the plant to be closed in March, she said. Workers are being offered relocation opportunities and outplacement assistance.
The Gorham plant, at 37 Bartlett Road in Gorham Industrial Park, produces tap-and-die sets, which cut threading for screws, nuts and bolts. The tools are sold under the Stanley Black & Decker’s Irwin and Mac Tools brands.
The plant opened in 1979 as part of Irwin Industrial Tools.
The Tennessee facility employs 600 people and manufactures power tools and compressors, according to the Stanley Black & Decker website.
In July, the Hartford Business Journal, a Mainebiz sister publication, reported that the company planned to lay off 1,000 employees after a 33{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1} fall in second-quarter profits.
But last week, Stanley Black & Decker announced more positive results, predicting revenue growth for 2020 at 7{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1} to 9{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1} above the 2019 level, and full-year cash flow of more than $1 billion, according to the HBJ. The company has a market capitalization of $29 billion.
