Further proof that President-elect Donald Trump’s win was good for American workers came earlier this week when a major power tool manufacturer announced it would move manufacturing back to the U.S from overseas.
On Thursday, Stanley Black & Decker said that it would construct a new $35 million factory after its acquisition of the Craftsman brand of tools from Sears.
CEO James Loree told investors during a conference call that the move made “business sense” in the midst of the uncertain future of U.S. trade with China and Mexico, USA Today reported.
“It’s going to be advisable to have more manufacturing in the U.S.,” he said.
Loree didn’t mention Trump by name when he spoke to investors, but he hinted that the move had the added benefit of protecting the company from Trump’s threat to place a tariff on imports.
The move would also reduce distribution costs as well as lower the company’s environmental footprint, the CEO added.
Loree said the location of the new had not yet been determined.
Today the Craftsman brand is largely made overseas, Loree said. About 50 years ago, however, the brand was predominantly made in the U.S.
“We believe this is an excellent opportunity to re-Americanize and revitalize this legendary brand,” he added.
WVEC reported that the manufacturer planned to add about 1,200 manufacturing jobs in the U.S. over the next three years, according to a company presentation.
Stanley Black & Decker was buying Craftsman from Sears for around $900 million, USA Today reported. The move came after Sears put its Craftsman, Kenmore and DieHard brands up for sale.
About 90 percent of Craftsman tools are sold in Sears stores, but Stanley Black & Decker expects to expand sales to other retailers, WVEC reported.
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