Stanley Black & Decker is discontinuing operations at its facilities in Cheraw, South Carolina and Fort Worth, Texas, the company announced Monday.
Its Cheraw operations will be transferred to its Jackson and Gallatin, Tennessee facilities.
“These actions will impact 175 employees at the Texas facility and 182 employees in South Carolina, while adding 80 jobs in Tennessee,” the company said in a statement. “The Company is focused on providing a smooth transition to impacted employees including options for employment at other Stanley Black & Decker facilities, as well as job placement support services.”
The changes come as the hardware manufacturer begins advancing its $2 billion cost-saving plan, which includes cutting inventory and paring down its network of 120 manufacturing facilities to streamline operations.
The company also named a new chief financial officer in January to help execute its transformation.
“You can expect us to continue to take strides forward, and we will provide you with updates towards achieving our cumulative $1 billion of savings by the end of 2023 on our path to delivering total program savings of $2 billion by 2025,” CEO and President Don Allan said in a recent earnings call.