NEW BRITAIN – Stanley Black & Decker continued to unwind its Connecticut-based businesses as it announced Monday that it has completed the previously announced sale of its Consolidated Aerospace Manufacturing (CAM) business to Howmet Aerospace for approximately $1.8 billion in cash.
Stanley Black & Decker expects to utilize the net proceeds from the transaction of approximately $1.57 billion to reduce debt, the company announced. Pittsburgh-based Howmet operates offices in Branford and Winsted.
“The successful sale of CAM further focuses our portfolio on our core businesses,” said Chris Nelson, Stanley Black & Decker’s President and CEO. “The proceeds from this transaction are expected to significantly reduce our debt, positioning us to achieve our target leverage ratio of at or around 2.5 times net debt to adjusted EBITDA by year end, and enabling additional capital allocation opportunities. We remain committed to disciplined capital allocation and accelerating value creation for our shareholders.”
He added how he appreciated the CAM team for their dedication and outstanding contributions.
Prior to the CAM sale, Stanley notified the state Department of Labor on March 3 that the company was going to close its 600 Myrtle Ave. plant in accordance with the Worker Adjustment and Retraining Notification Act. It serves as a 60-day advance notice of the closing.
“We expect the closing to be permanent in nature,” the company said in a prepared statement. “This closing will involve cessation of all operations and termination of all employees at the site.”
The workers are represented by the IAM, District 26, Locals 1433 and 1249. Of the layoffs, 222 are assembly jobs.
The timeline for the terminations will occur as follows:
- May 4-18: 287 employees
- June 30-July 14: 3 employees
- Aug. 30-Sept. 13: 8 employees
- Dec. 31, 2026-Jan. 14, 2027: 1 employee
- March 31, 2027: 1 employee
