STANLEY WORKS, THE NEW BRITAIN, CONNECTICUT TOOL MAKER ANNOUNCED THURSDAY, DECEMBER 11, 2008, THAT IT IS EXPERIENCING HARD TIMES DUE TO A DECLINE IN CONSTRUCTION AND INDUSTRIAL SEGMENTS OF THE ECONOMY. STANLEY FELT, THAT THIS WAS BECAUSE THE ECONOMIC CONDITIONS, ARE WORSE THAN PREVIOUS RECESSIONS.
THE COMPANY,WHICH HAS 45 FACTORIES, WILL CLOSE THREE (3) FACTORIES, AND EXPECTS TO LAYOFF 2,000 WORKERS IN DECEMBER. THAT AMOUNTS TO ABOUT 10% OF ITS WORK FORCE.
JOHN F. LUNDGREN, CHIEF EXECUTIVE, IN A STATEMENT SAID, "WHILE THESE ACTIONS ARE DIFFICULT AND AFFECT VALUED STANLEY EMPLOYEES, WE FEEL IT IS IMPERATIVE TO MOVE DECISIVELY TO MANAGE THROUGH THE STEEP GLOBAL ECONOMIC DECLINE WE ARE CURRENTLY EXPERIENCING."
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