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the product category. The New Britain site primarily manufactures single-sided tape measures, which the company said are becoming obsolete in certain markets."As a result of a structural decline in demand for single-sided tape measures, we have decided to close our facility in New Britain that predominantly makes these products," Debora Raymond, vice president of external communications for Stanley Black & Decker, said in a statement to WFSB. "These products are quickly becoming obsolete in the markets we serve."Ebay Cuts 800 Jobs Across Company Operations Just Days After Dropping $1.2B On Trendy Gen Z Fashion AppRaymond said the company is focused on assisting affected workers through the transition, including exploring opportunities at other locations as well as providing severance and job placement support for both salaried and hourly employees.The reduction affects approximately half of the company’s roughly 600 employees in New Britain as of 2024. Stanley Black & Decker said its world headquarters in the city will remain open. The company has not disclosed a timeline for the facility’s closure.Read On The Fox Business AppThe decision comes as Stanley Black & Decker continues executing a multiyear cost-reduction and operational simplification plan. Since late 2023, the company has reduced its global workforce by about 7,000 employees and completed a $2 billion savings program that included facility consolidations and supply chain adjustments.Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its longstanding presence contributed to the city’s "Hardware City" identity.Connecticut Gov. Ned Lamont acknowledged the impact on workers and families, saying workforce transitions are difficult but expressed hope that affected employees will find new opportunities."Although Stanley has made the decision to discontinue operations for manufacturing outdated products, a change in workforce opportunities is difficult for employees, their families, and any community," Lamont said in a statement to WFSB. "However, I am hopeful that these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will still proudly be headquartered here in Connecticut. My administration is working closely with local and state leaders to support affected workers and to reimagine the factory site so it can continue to create opportunity and strengthen New Britain’s economic future."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,866.75 -9.25 (-0.13%)Dow Futures48,667.00 -129.00 (-0.26%)Nasdaq Futures25,092.75 -35.50 (-0.14%)Russell 2000 Futures2,626.10 -11.50 (-0.44%)VIX21.15 -2.42 (-10.27%)Gold5,176.80 +42.10 (+0.82%)Trending tickersAVGO Broadcom Inc. 317.53 +3.69 (+1.18%)BTC-USD Bitcoin USD 72,847.93 +5,070.80 (+7.48%)TTD The Trade Desk, Inc. 25.17 +0.17 (+0.68%)HOOD Robinhood Markets, Inc. 82.21 +6.14 (+8.07%)ETH-USD Ethereum USD 2,137.94 +176.81 (+9.02%)PortfolioSign in to access your portfolioSign inTop gainersSTVN Stevanato Group S.p.A. 17.50 +2.77 (+18.81%)GLXY Galaxy Digital 24.34 +3.66 (+17.70%)MRNA Moderna, Inc. 57.80 +7.97 (+15.99%)SSRM SSR Mining Inc. 33.26 +4.33 (+14.97%)COIN Coinbase Global, Inc. 208.93 +26.57 (+14.57%)Top losersIBRX ImmunityBio, Inc. 9.00 -1.00 (-10.00%)EMAT Evolution Metals & Technologies Corp. 8.51 -0.70 (-7.65%)FROG JFrog Ltd. 39.19 -3.05 (-7.22%)BF-B Brown-Forman Corporation 26.26 -1.87 (-6.65%)AXTI AXT, Inc. 39.13 -2.63 (-6.30%)Most activeNVDA NVIDIA Corporation 183.04 +2.99 (+1.66%)PLUG Plug Power Inc. 2.4800 +0.2500 (+11.21%)ONDS Ondas Inc. 10.51 +0.49 (+4.89%)INTC Intel Corporation 45.58 +2.48 (+5.75%)NOK Nokia Oyj 8.15 +0.08 (+0.99%)Top economic eventsEarnings eventsMy earnings eventsEarnings events