Rock Hill, South Carolina-based 3D Systems, one of the original companies providing 3D printing hardware, software, materials and services, is continuing a cost-reduction program targeting $100 million in costs by the end of 2021. The plan calls for a 20% headcount reduction by the end of 2020 which will impact approximately 400 employees.
According to recently-named President and CEO Jeffery Graves...
“To accelerate value creation for our customers, we are simplifying and focusing our organization by realigning the company’s breadth of capabilities into two key market verticals - Healthcare and Indus trials. Each of these teams will drive application specific solutions within these market verticals.”
"In connection with this organizational realignment we have an opportunity to maximize efficiencies with a need to align our operating costs with current revenue levels. As such, we will reduce our workforce by nearly 20%, with the majority being completed by year-end."
"This reduction in force is a difficult but essential step in our ongoing strategic process, designed to better position the company for sustainable and profitable growth. I would like to express my appreciation to each of the employees impacted by this decision for their dedicated service."
The company expects the resizing effort, in conjunction with other cost reduction measures, to reduce annualized costs by approximately $100 million by the end of next year. This should enable the company to be profitable at current revenue levels and be well positioned to leverage the sales growth as it returns. Other cost reduction efforts include reducing the number of facilities and examining every aspect of the company’s manufacturing and operating costs."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
LAYOFFS: STANLEY BLACK & DECKER (03/18/24)
MARCH 18, 2024 — PLANT CLOSURE WITH 192 LOST JOBS
The company has announced the closure of its Fort Mill, South Carolina manufacturing plant, with 192 employees losing their jobs. The Fort Mill plant makes DEWALT cordless power tools and other personal power tools.
According to a spokesperson, "As part of Stanley Black & Decker’s business transformation strategy launched in 2022, and in an effort to optimize its footprint and better serve customers, the Company in 2023 announced changes to its manufacturing and distribution network – this included U.S. site expansions, site transformations into manufacturing centers of excellence, and site consolidation."
Layoffs will commence on May 10, 2024, and consist of four phases from May through the end of this year.
MARCH 20, 2023 — OPERATIONAL RESTRUCTURING
Stanley Black & Decker will shutter its Fort Worth, Texas factory and lay off 175 as part of an operational realignment. Work performed at the Cheraw, South Carolina plants will be transferred to two company plants in Tennessee. The South Carolina plant has 182 employees.
More plant closures are expected as a cost-cutting initiative.
OCTOBER 2, 2022 — 1,000 LAYOFFS
As part of the company’s cost-cutting initiative, the company has announced a major reduction in headcount. The reduction will impact 1,000 employees, mostly in financial and information technology functions.
The company, whose brands include DeWalt and Craftsman tools, is targeting up to $200 million in costs by the end of 2022.
JANUARY 28, 2022 — UNSPECIFIED LAYOFFS
In a statement, Stanley Black & Decker said they've been taking steps to align their cost structure with the current environment, which has resulted in a "small percentage of employees being let go from the company."
There is no indication of the number of layoffs, but media reports suggest they are substantial.
DECEMBER 10, 2019 — Original Post
New Britain, Connecticut-based Stanley Black & Decker, the iconic tool and hardware manufacturer, is continuing its restructuring to consolidate its activities and will be laying off 140 employees in Greenfield, Connecticut, between January 23, 2019, and February 7, 2020. Positions include positions in assembly and production, shipping and receiving, maintenance and facilities, quality, engineers, supply chain, human resources, IT, and operations management. According to a company spokesperson, the decision was driven by the company’s desire to “attempt to strategically consolidate worldwide operations into few facilities.”
In a call with investment analysts, Executive Vice President and Chief Financial Officer Donald Allan noted in a call with analysts that the company was targeting $200 million in annual cost reduction and that this would be achieved “from headcount actions across the company as well as executing some footprint rationalization opportunities.” Further noting that decisions were being driven by “currency issues, tariffs and a softness in the industrial and emerging markets.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?