Stanley Black & Decker plans to invest $1 billion in its U.S. manufacturing and R&D operations over the next two years, company officials announced Wednesday.
Half of the $1 billion total, the company said, would go toward capital spending and other “long-term investments” to strengthen its domestic manufacturing footprint and “support new product development;” the remainder would be focused on research and development to “accelerate the creation of next-generation tools and breakthrough solutions.”
Company officials said that new advancements in tools and technology could help increase productivity in the construction sector, which faces a labor shortfall amid a boom in infrastructure projects.
The company’s funding is slated to be allocated through 2028.
"By advancing technology, investing in U.S. manufacturing and expanding training to skilled trades, Stanley Black & Decker is helping to build a stronger workforce and a more resilient future for communities across the nation," Stanley Black & Decker President and CEO Chris Nelson said in a statement.
The Connecticut-based tool maker added that it has already invested $27 million of a projected $60 million overall toward its DeWalt brand’s “Grow the Trades” initiative, which aims to expand training and career pathways in the skilled trades.
Stanley Black & Decker posted nearly flat sales growth but a sharp increase in earnings in its second-quarter financial results announced in late July.
