2/12/2010
NEWS BRIEFS
More Stanley Bostitch Layoffs Announced
Stanley Bostitch plans to end nail production at its factory in East Greenwich, RI, by October and lay off 165 workers, the Providence Business News reports.
Spokesman Tim Perra said the layoffs would reduce the workforce to 215, down 66% in the past two years.
Local production reportedly will be moved to Stanley Bostitch’s three other nail production facilities in Indiana, Poland and China. Stanley Bostitch’s 566,000-square-foot facility will continue to function with warehouse distribution, engineering and administrative staff.
As recently as 2008 Stanley Bostitch had 633 employees in East Greenwich.
“Stanley Bostitch traces its roots back to 1896, when it was founded as the Boston Wire Stitcher Co.,” writes Ted Nesi of Business News. “The company changed its name to Bostitch Inc. in 1948, and was purchased in 1966 by Textron Inc., the Providence-based conglomerate. Textron sold the company to Stanley Works in 1986.”
In November 2009 Stanley Works announced a merger with Black & Decker valued at $4.5 billion. The all-stock transaction will give Stanley a 50.5% stake in the new $8.4 billion company.
Stanley Black & Decker, will be headquartered in New Britain, CT, with the Power Tools headquarters remaining in Towson, MD. ©2010 GlobalFastenerNews.com
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