GREENFIELD — Local residents say they’ve already started filling out their applications.
News that a toolmaking business plans to invest more than $7.5 million to expand its Greenfield operations was met Tuesday with enthusiasm by local officials and residents.
On Tuesday, the Indiana Economic Development Corp. announced Stanley Black & Decker’s plans to expand its space at 501 W. New Road in Greenfield, creating more than 130 new jobs by 2018.
The Connecticut-based company will invest $7.69 million to renovate and equip the 220,000-square-foot facility.
That expansion will create up to 136 new jobs, a news release from the corporation said.
The state offered the company up to $625,000 in conditional tax credits and up to $200,000 in training grants based on its job creation plans.
The tax credits are performance-based, which means the company is not eligible to claim the incentives until Hoosiers are hired.
The city of Greenfield is ready to consider additional incentives at the request of the Hancock County Economic Development Council, officials said.
Hancock Economic Development Council Director Skip Kuker said his office is ready to work with the company should it need help as the expansion moves forward.
So far, Stanley Black & Decker hasn’t requested any assistance from Hancock County officials. Still, the prospect of 136 new jobs is exciting, he said.
“Stanley Black & Decker is a great company to have. It’s a stable company,” he said.
Stanley Black & Decker, an S&P 500 company, is a global provider of hand and power tools, related accessories and more.
The company plans to begin producing DEWALT corded power tools — including reciprocating saws, screw guns, hammer drills, one-half inch drills and small-angle grinders — in Indiana.
Once it’s operating fully, Stanley Black & Decker plans to produce 1.2 million power tools annually at its Greenfield facility.
The company, which currently has more than 1,000 employees in Indiana, is already hiring for various manufacturing positions at its Greenfield location.
Nick DeSimone, vice president of operations for DeWalt, said in a news release that his company will be able to optimize its existing manufacturing footprint and enhance its capabilities to deliver core DeWalt products with greater efficiency by working with Stanley Black & Decker.
“We are excited about the investment in our Greenfield manufacturing operations and look forward to having a positive impact on the local economy,” he said.
The company has a long history in Indiana, and the state is happy to help it expand, Gov. Mike Pence said in a news release.
“Just as Stanley Black & Decker manufactures tools for builders everywhere, Indiana is proud to offer companies the resources they need to grow,” he said.
Stanley Black & Decker set up operations in Greenfield in 2010 after moving into the building that previously housed Eaton Corp. The move was part of a consolidation of smaller factories in Shelbyville and East Greenwich, Rhode Island.
At that time, the IEDC offered the company similar tax incentives, and the city of Greenfield offered infrastructure assistance and a 10-year phase-in of property taxes.
The company promised to bring 76 new jobs with salaries at $2.7 million, according to the 2011 documents.
The new product line is one residents will be able to purchase at local hardware stores, Kuker said.
“They’re going to be building these parts right here in Greenfield, Indiana,” Kuker said. “You can go to Home Depot and buy a DeWalt tool that your neighbor could have made.”
Greenfield Mayor Chuck Fewell said the city is excited to see Stanley Black & Decker expand.
“This continues to show our community commitment to work with our existing local companies to help them grow,” he said.
Stanley Black & Decker currently produces flooring staples, industrial staples, BOSTITCH pneumatic industrial tools and DEWALT and BOSTITCH coil nailers at its Greenfield facility.
It also operates six other facilities in Indiana, including company headquarters of Stanley Security Solutions in Indianapolis.
Fortune magazine has named it one of the most admired companies in the country, and Forbes magazine has named it one of the country’s most reputable companies.
The Indiana Economic Development Corp. offered Stanley Black & Decker up to $625,000 in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plan.
These incentives can be claimed only after the company begins hiring Hoosiers.
The city of Greenfield and Hancock Economic Development Council haven’t offered any incentives to date but have said they are willing to work with the company going forward.
Stanley Black and Decker, 501 W. New Road, announced plans to expand its Greenfield operations.
The company will invest $7.69 million in renovations.
The facility is currently 220,000 square feet.
The renovation is expected to bring 136 new jobs by 2018.
Currently, the company employs more than 1,000 Hoosiers.