Stanley Black & Decker shut down its operations in Russia in response to the invasion of Ukraine
Stanley Black & Decker Inc. (Stanley Black & Decker) in March 2022 announced it is shutting down its operations in Russia in response to the invasion of Ukraine. Additionally, it is donating $1.0 million to the United Nations’ refugee agency, UNICEF and the Red cross, as well as doubling matches the donations its employees send to approved charities. The President and CFO Donald Allan acknowledged that its business in Russia is being hurt by the devaluation of the Ruble. Furthermore, Allen stated that its Russian business produces about $150 million in annual revenue.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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