Stanley Black & Decker President and CFO Don Allan To Provide Testimony Before Senate Finance Committee on International Trade, Customs and Global Competitiveness on June 22

Rhea-AI Summary

On June 22, 2022, Don Allan, President and CFO of Stanley Black & Decker (NYSE:SWK), will testify before the Senate Finance Committee regarding manufacturing and supply chain resiliency. Allan emphasizes the necessity of a strategic U.S. trade agenda to foster economic recovery post-COVID, advocating for job creation and reconsideration of the Section 301 tariff regime on Chinese imports critical for U.S. manufacturing. Over the past decade, the company has focused on U.S.-based operations, contributing to local economies and increasing job opportunities.

Positive

• Testimony highlights the company's commitment to U.S. manufacturing and job creation.
• Advocacy for reconsideration of tariffs may benefit cost structures and supply chains.

Negative

• Allan's testimony implies potential pressures on U.S. manufacturing from current trade policies.
• Dependence on dependent tariffs could create volatility in product costs.

WASHINGTON, June 21, 2021 /PRNewswire/ -- Stanley Black & Decker (NYSE:SWK) President and Chief Financial Officer Don Allan will testify before Senate Finance Committee, Subcommittee on International Trade, Customs and Global Competitiveness on June 22.

Allan will provide testimony on behalf of Stanley Black & Decker on the company's manufacturing and supply chain resiliency and discuss the importance of manufacturing in the United States.

"In this period of recovery from the impacts of the COVID pandemic, we believe a strategic U.S. trade agenda is critical to ensuring a robust and inclusive economic recovery," said Allan in a written testimony. "The agenda should support job creation in the U.S., expand access to new markets, and ensure global competitiveness of U.S. manufacturing. The U.S. trade agenda should also reconsider the Section 301 tariff regime on products of China, particularly those that are inputs used to support U.S. manufacturing."

Stanley Black & Decker is the largest hand and power tool manufacturer in the world and has been moving operations and its supply chain closer to U.S. customers over the past decade, adding U.S. manufacturing jobs and increasing its impact to local economies and communities where it operates.

The Senate Finance Committee, Subcommittee on International Trade, Customs and Global Competitiveness hearing will take place on Tuesday, June 22, 2022 at 2:30 p.m. in the Dirksen Senate Office Building. The full testimony can be found on the Committee's website. The hearing can be viewed through the Committee's website.

About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 company, is a leading $14.5 billion global diversified industrial with 53,000 employees in more than 60 countries who make the tools, products and solutions to deliver on its Purpose, For Those Who Make The World. The Company operates the world's largest tools and storage business featuring iconic brands such as DEWALT, STANLEY, BLACK+DECKER and CRAFTSMAN; the world's second largest commercial electronic security company; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses.  Learn more at www.stanleyblackanddecker.com.

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SOURCE Stanley Black & Decker

FAQ

What will Don Allan discuss during his testimony on June 22, 2022?

Don Allan will discuss manufacturing and supply chain resiliency along with the importance of U.S. manufacturing.

How is Stanley Black & Decker contributing to local economies?

The company is increasing its operations in the U.S., thereby adding jobs and enhancing local economic impacts.

What is the focus of the Senate Finance Committee hearing on June 22, 2022?

The hearing will focus on international trade, customs, and global competitiveness.

Why does Stanley Black & Decker advocate for changes in the Section 301 tariff regime?

The company argues that changes are necessary to support U.S. manufacturing and job creation.

What role does Stanley Black & Decker play in the tool manufacturing industry?

It is the largest hand and power tool manufacturer globally, operating well-known brands.