Stanley Black & Decker plans to add 400 jobs in Baltimore County as the tool company opens an $8.5 million facility in Middle River.
The company plans to add office space for its “global tools and storage” business in the Greenleigh at Crossroads development, according to a release from Baltimore County government. The office will have employees who work in electrical and electromechanical engineering, marketing, industrial design, finance and human resources.
Officials said the average annual salary for the new jobs will be $60,000.
Part of the project will be funded by a $2 million conditional loan from the state and a $200,000 conditional loan from Baltimore County. Conditional loans can be converted into grants that don’t have to be paid back if the recipient meets requirements, such as creating a certain number of new jobs.
Conditional loans are a commonly-used tool for governments to assist businesses. In Baltimore County, state and county conditional loans have been granted to companies including McCormick & Co., Amazon, Under Armour and Sinclair Broadcasting in the last few years.
The Baltimore County Council will consider a resolution in support of the loans. The resolution notes that county officials have deemed the Stanley Black & Decker expansion as a “priority” project worthy of the conditional loans.
“This major expansion by a global industrial leader shows their confidence in Baltimore County’s innovation economy and our highly skilled workers,” Baltimore County Executive Kevin Kamenetz said in a statement. Kamenetz, a Democrat, is running for governor.
The company also will be eligible for tax credits, including the state’s Job Creation Tax Credit, state officials said.
Stanley Black & Decker official Jeff Ansell said in the county release that the county and state are “strong partners… working hard to help our innovative, high-performing company grow in Maryland.”
Stanley Black & Decker is headquartered in Connecticut, but the Black & Decker tools division is headquartered on East Joppa Road in Towson. The company also announced this week that it is leasing 6,600 square feet of space in a newly-renovated office building at 210 Allegheny Ave. in Towson. That space will be used as the headquarters for the company’s Stanley Engineered Fastening division.
With the expansion into Middle River, Stanley Black & Decker will have 2,700 employees in Maryland.
Black & Decker was founded in Towson in 1910 by Duncan Black and Alonzo Decker. The company merged with Stanley Works in 2010 to form Stanley Black & Decker, which last year ranked 250th on the Fortune 500 list.
Baltimore Sun Media Group reporter Margarita Cambest contributed to this article.
(c)2018 The Baltimore Sun
Visit The Baltimore Sun at www.baltimoresun.com
Distributed by Tribune Content Agency, LLC.
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.