In the first round of job cuts tied to the buyout of Black & Decker Corp. by The Stanley Works, the merged company said Tuesday would lay off 37 employees this week who work for the tools giant in Towson and other Baltimore-area facilities.
Last month, Stanley bought Towson-based Black & Decker Corp. in a $4.5 billion deal that created the world's largest maker of hand and power tools. At the time, the companies said they expected to trim about 4,000 employees from their worldwide workforce of 38,000.
In Towson, where about 1,200 employees work in Black & Decker's former headquarters, about 250 corporate positions are expected eventually to be eliminated. Tim Perra, a spokesman for Stanley Black & Decker, said the most of the workers who will be laid off by Friday are employed in Towson, while some work at facilities in Hampstead and Hunt Valley.
The jobs eliminated ranged from sales to general administrative to information technology, including some in the power tools division, Perra said.
"We will be offering severance packages and outplacement services in accordance with company policy," Perra said.
Merger and severance-related costs comprised the one-time charges that the company disclosed Tuesday in its first-quarter earnings report. Stanley Black & Decker said it lost $108.6 million for the quarter. But after excluding the one-time expense, the company posted a $70 million profit. Revenue was $1.26 billion, up 38 percent from results for both companies a year previously.