Stanley CEO reassures city while prodding state for action

Published on Friday, 23 June 2017 22:30
Written by Angie DeRosa

Staff Writer

NEW BRITAIN - Stanley Black & Decker’s top executive says that, for now, the company’s headquarters is staying put.

In a letter published in the Hartford Courant on Friday, President and CEO Jim Loree offered a plan of action to keep major companies in the state.

After the recent announcement that Aetna would be moving its headquarters out of Hartford and Florida Gov. Rick Scott’s recent corporate recruiting visit to Connecticut, Loree urged the state to take the necessary steps to support long-term economic sustainability.

The company that today is known as Stanley Black & Decker was founded in New Britain in 1843.

Last week, the company held its 175th anniversary gala at The Marriott in Hartford with 500 guests, including U.S. Sen. Richard Blumenthal, Hartford Mayor Luke Bronin, U.S. Rep. Elizabeh Esty, state Attorney General George Jepsen and New Britain Mayor Erin Stewart, in attendance.

During the gala, Loree said he and the Stanley employees love Connecticut, and everyone must act together now to keep the state financially stable.

In his letter in the Courant, he wrote that although Connecticut and the Greater Hartford region have a lot to offer, tax increases are taking a toll.

He acknowledged Gov. Dannel P. Malloy and Senate Republican President Pro Tem Len Fasano for their budget plans, which he said are steps in the right direction.

At the celebration, Bronin said he would work with the state and area business leaders to do everything it takes to make the necessary changes to keep businesses like Stanley in Connecticut.

Tim Stewart, president of the Greater New Britain Chamber of Commerce and a former mayor, had mixed feelings about Loree’s letter.

“It was similar to remarks at the gala that both he and Bronin made about strengthening the Capitol City, (but) he didn’t say much about New Britain, which is unnerving,” Stewart said.

Regardless, Stewart said, he thinks the letter is a positive push geared toward making the state better for business.

Loree urged lawmakers to address financial issues “with no new major tax burdens” and revitalize Hartford to “attract young professionals.”

“Our vision is to be a great industrial company - one that is human-centered, innovative, committed to delivering outstanding growth and profitability, while acting with the utmost social responsibility. And I hope that we will be able to fulfill that vision while continuing to be headquartered in Connecticut,” Loree wrote.

A spokesman for Stanley Black & Decker, Tim Perra, said there would be no further comment from the company. He said everything that needed to be said was written in the letter.

Posted in New Britain Herald, Business, General News, , New Britain on Friday, 23 June 2017 22:30. Updated: Friday, 23 June 2017 22:32.