Stanley Works to Cut 2,000 Jobs, Close Three Plants

New Britain, Conn. -- The tool maker Stanley Works says it plans to cut 2,000 jobs, or about 10% of its work force, and close three manufacturing facilities.

The New Britain, Conn.-based company cited weakness in its construction and industrial segments and the effect of a stronger dollar for the cutbacks disclosed Thursday.

It did not identify in the news release which of its 45 plants will be closed.

The Stanley Works says the most of cuts will take place in this month and will result a pretax charge of about $80 million, or 70 cents per share, in the fourth quarter.

It hopes to save $115 million in 2009 as a result of the moves.