Stanley Black & Decker, the Fortune 500 tool manufacturer, needs to move its Farmers Branch operation, and Fort Worth wants to be the new home.
Needing more space for a third production line, Stanley Black & Decker is considering Fort Worth and a site near Dayton, Ohio, to expand the operation making wrenches, sockets and ratchets. If selected, Fort Worth would gain about 500 jobs with a salary averaging above $45,000, said Carol Griffith, development coordinator for the city’s economic development department.
Nearly 200 of the jobs would be new to American manufacturing.
To lure the company from Dallas County, Fort Worth is offering a five year tax abatement equal to 40 percent of the increased property value, according to a presentation city council members heard Tuesday. The company plans to invest $30 million in new construction by the end of 2020, adding about $50 million personal taxable property by 2022.
The abatement equals about $1 million in incentives, Griffith said, which should be paid back within two years. Fort Worth would gain about $1.6 million in new taxes over the five year period.
A public hearing will be held on the abatement Feb. 5 before the council votes on it.
Doug Moye, plant manager in the Farmers Branch operation, said the third production line would produce a higher volume of a tool currently made overseas. Additional details about the new line weren’t available.
The Farmers Branch factory makes about 6,000 products, he said.
The factory currently employees 326 full-time workers, but the expansion would create 199 new jobs, some of which would be moved from a foreign factory, Moye said.
The 375,000 square-foot plant would be located just east of Interstate 35 West at Eagle Parkway and North Beach Street, which is in Denton County.
The city council Tuesday planned to consider an economic development incentives policy that geared toward attracting better paying jobs, diverse companies and strengthening requirements that contractors work with minority- and women-owned companies during construction.