As Gus Sentementes reports in today's paper, Stanley Black & Decker has begun shedding workers in order to cut costs.
Thirty-seven people are being told this week that Friday is their last day. Stanley Black & Decker is also canning people at facilities around the world. Gus was unable to get the number in time for yesterday's deadline, but company spokesman Timothy Perra tells him it's around 330 worldwide. This of course is only the beginning of the pain. Hundreds of jobs will be lost at Black & Decker's former headquarters in Towson, and thousands will be eliminated worldwide.
Shareholders will get some of the savings. But an enormous amount will accrue to former Black & Decker CEO Nolan Archibald through the "synergy bonus" that he got as the price of selling the company out. Much of the pay of the people being laid off will be diverted into Archibald's pocket.
UPDATE: Among those leaving is Black & Decker spokesman Roger Young, who emailed his contacts this morning: "As many of you know, Friday will be my last day at Stanley Black & Decker. It has been a great ten years here, and I am looking forward to a new professional challenge."