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Stanley To Layoff 2,000

NEW BRITAIN, CT-The Stanley Works will let go of 2,000 workers and close three manufacturing facilities to shore-up projected Q4 losses and prep for the future.

By Ryan Clark | Updated on December 11, 2008

NEW BRITAIN, CT-The Stanley Works is prepping itself for the future. After lowering its projected Q4 numbers, the global tool and security provider will let go of 2,000 workers and plans to close down three manufacturing facilities by the end of December this year. The staff reductions equate to roughly 10% of those currently employed by Stanley.

“We are a company that believe in maintaining a conservative financial posture,” says James M. Loree, EVP and CFO of Stanley Works, in a statement. “In light of the extremely poor economic backdrop, it is prudent to continue to take actions to align our cost structure with both the current and potentially worsening business environment in 2009.”

Initially, Stanley had predicted earnings per share for continuing operations before Q4 charges to be $0.35 to $0.45 higher than where the company now sees its earnings, somewhere between $3.30 to $3.40 per share. The release from Stanley points to the “rapidly deteriorating business conditions” to its Construction/DIY and Industrial segments over the fourth quarter. The fourth quarter unit volumes are currently projected to be from 12% to 14%, which Stanley notes in their release, is roughly 6% to 8% lower than expected.

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