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Manchester leaders may settle lawsuit with schools project contractor
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Stanley Blacker & Decker closed out 2020 with higher revenue and profit as do-it-yourselfers spent the pandemic on home improvement projects
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After early pandemic layoffs, CT giant Stanley Black & Decker adding jobs amid DIY boom
Alexander Soule
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It’s the tried-and-true maxim for the do-it-yourself enthusiast “measure twice, cut once.”
But the CEO of Connecticut tool giant Stanley Black & Decker suggested he may have erred in cutting too many jobs in haste last year after his initial read of the pandemic economy failed to anticipate a surprise boom in purchases by people stuck at home.
After making permanent 1,000 job cuts last year and putting an unspecified number of temporary workers and external contractors on hiatus, Stanley Black & Decker now lists 800 job openings in the United States.
Stanley Black & Decker plans to acquire the remaining 80% of Ohio outdoor lawnmower maker MTD, following a blockbuster 2020 for the New Britain-based toolmaker, primarily driven by a boom in home improvement sales.
Stanley Black & Decker acquired 20% of Ohio-based MTD for $234 million in 2018, and the deal included an option to acquire the remaining 80% within a decade of the initial deal, CEO Jim Loree told shareholders in a Thursday morning call. We expect to implement or exercise the option in late 21, and begin to recognize revenue subsequent to regulatory approvals, Loree said. [The action creates] the potential addition of up to $3 billion of revenue from the MTD transaction in 2022.
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