American tool manufacturer Stanley Black & Decker announced a major commitment to the American economy and our workers.
The company says that it will open a $35 million manufacturing plant in the U.S. after it acquired the Craftsman tool brand from Sears.
Stanley Back & Decker CEO James Loree stressed that expanding its U.S. operations makes “business sense” amid “pervasive” uncertainty regarding America’s trade future with China and Mexico.
After Sears deal, Stanley Black & Decker to open new U.S. manufacturing plant, fearing Trump ‘border tax.’ https://t.co/cMYsvzgZVw
— Nathan Bomey (@NathanBomey) January 5, 2017
From USA Today:
Although he did not mention Donald Trump by name in his remarks to investors, Loree’s comments had all the hallmarks of an effort to inoculate his company from the possible effects of the president-elect’s threatened “border tax.”
“We view it sort of as one of several political movements, or concepts, that really drive us to this concept of make-where-we-sell,” Loree said. “It’s going to be advisable to have more manufacturing in the U.S.”
Stanley Black & Decker has about 3,000 U.S. manufacturing jobs today, up 800 from three years ago, according to a company presentation. It was not immediately clear how many jobs the company plans to add.
Loree said the location of the new manufacturing plant to produce Craftsman products has not yet been determined. The company currently operates 29 total U.S. plants.
The company’s CEO said opening a new plant in the U.S. “makes good business sense for us” as it gives his company an opportunity to “re-Americanize and revitalize this legendary brand.”
President-elect Trump has said he wants to encourage American companies to produce products in the United States rather than build plants in other countries and import them back into the United States. While Trump has considered placing a tax on companies that engage in such business practices, he has also promised to reduce regulations and corporate taxes to promote business growth and investment from within the United States.
Is Black & Decker’s decision to build a new U.S. plant a sign that Trump’s America first economic policy is working? Share your thoughts below!