Stanley Black & Decker Postpones Layoffs
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Stanley Black & Decker Inc. postponed layoffs at its Powers Fasteners facility in Brewster, NY, according to the Westchester County Business Journal.
Powers Fasteners reportedly was planning to lay off nearly a quarter of its workforce – 35 of 150 employees – beginning in August. Those layoffs have now been postponed until 2015, according to the NY Department of Labor.
Founded in 1921, Powers Fasteners manufactures concrete and masonry anchors and fastening systems, and is a part of Stanley Black & Decker’s CDIY North America division. The company was acquired by Stanley Black & Decker in 2012 for an undisclosed sum.
That same year Stanley Black & Decker acquired Hong Kong-based Infastech for $850 million – effectively doubling its fastener holdings.
In its most recent earnings filing, Stanley Black & Decker reported Industrial segment sales, including results from Emhart Technologies and Infastech, rose 3% to $889.2 million in the second quarter of 2014 as a result of volume (+2%) and acquisitions (+1%). Segment profit increased 28% to $150.3 million.
For the story of Stanley Black & Decker click on Fastener History:
2009 FIN – Stanley Works Merging With Black & Decker
Stanley Works started as boltmaker in 1843…
For summaries of each of the past six years of Stanley Black & Decker results, click on FIN Stock Review.
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