(Reuters) – Power tools maker Stanley Black & Decker has cut 1,000 finance roles this week in an effort to trim costs, the Wall Street Journal reported on Friday citing people familiar with the matter.
The move comes at a time when several technology companies, crypto exchanges and financial firms are cutting jobs and freezing hirings as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.
Most recently, Facebook-parent Meta Platforms said it is freezing hiring, according to a Bloomberg News report which quoted Chief Executive Mark Zuckerberg’s communication with employees.
Stanley Black & Decker, whose brands include DeWalt and Craftsman tools, looks to cut up to $200 million in costs by the year end, WSJ reported. The job cuts are a part of broader layoffs within the company that started in July, according to the report.
The company had 71,300 employees globally as of January this year.
In July, Stanley Black & Decker cited rising interest rates and slower demand in late May and June for missing second-quarter profit and sales estimates.
Stanley Black & Decker did not immediately respond to a Reuters request for comment.
(Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh Kuber)