Stanley Black & Decker Devotes $10 Million to Coronavirus Response; Implications for Future Philanthropy By Leading Corporations Uncertain

The reverberations of the current coronavirus pandemic may prove to be more widespread than is currently apparent, as much of the focus remains on limiting the spread of the virus, providing for the immediate needs of health care workers and first responders, and limiting the damage to business and the people they employ.

But as businesses large and small absorb the impact of months of forced closure, combined with the desire to assist their communities respond to the current emergency, it is increasingly becoming clear that dollars that would otherwise have supported a range of community activities will have been deployed elsewhere or are simply not there to donate.

A case in point may be Stanley Black & Decker, the New Britain-based manufacturer that has taken on an increasingly large profile in recent years as a lead financial supporter of various cultural and community organizations, activities and events in their hometown, Greater Hartford and the state.

Stanley Black & Decker was Lead Sponsor for the Bushnell’s Ovations event earlier this year, was slated to be a sponsor of the Hartford Symphony’s Bravo Gala. In 2018, the company made a seven-year commitment to become a Presenting Sponsor of the Travelers Championship.  A year later, Stanley Black & Decker became a Founding Partner of Connecticut's new professional soccer team, the Hartford Athletic.  The company has also been a sponsor of the Connecticut’s Children’s annual fundraising gala, the New England Maker Summit, The Connecticut Forum, the Hartford Marathon, Hartford Healthcare’s Red & Black Gala, and many more.

The company’s strong response to the COVID-19 pandemic, announced this week, may not alter those ongoing and planned commitments.  And a number of events themselves may be postponed, cancelled or switched to a virtual format.  All of that will unfold in the coming weeks and months, as organizations grapple with a very different economic climate, for potential sponsors and patrons.

The Chronicle of Philanthropy noted last month, discussing overall philanthropic efforts throughout corporate America, that “it isn’t clear if corporate philanthropy will continue to step up, especially if markets continue to tumble and profits wither.”

The breadth of the Stanley Black & Decker $10+ million comprehensive COVID-19 philanthropic outreach program to help its communities and employees around the world suggests that effectively responding to today’s imperatives may impact tomorrow’s possibilities.

Stanley Black & Decker’s “For Those Who Make The World,” program now encompasses:

• $4 million in financial contributions directed by the company to COVID-19 focused nonprofit organizations, in addition to funds already committed to community-based organizations across the globe;

• $5 million for a COVID-19 employee emergency relief fund, administered by an independent organization, to provide financial assistance for employees and their families who have been severely and catastrophically impacted by the pandemic. This fund will be available to all employees who wish to make personal contributions, as well;

• Enhancements to the company matching program, specifically doubling the match amount to supplement any employee’s personal donations to qualified charitable organizations of their choice, including, but not limited to, the new COVID-19 employee emergency relief fund;

• A purchase of 3 million face masks, as well as large quantities of other personal protective equipment, for front-line healthcare workers and first responders to be allocated to healthcare systems and other organizations in need in the communities in which we operate; and

• The formation of a global, companywide COVID-19 Community Response Task Force to allocate the company’s time, talents, innovation capabilities and other expertise to help mitigate societal COVID-19-related challenges, under the leadership of Mark Maybury, the company’s chief technology officer.

“Throughout this unprecedented period, we remain focused on our number one priority of ensuring the safety and health of our employees, while at the same time continuing to serve our customers, maintaining our financial strength and doing our part to help communities and governments mitigate the effects of the virus,” said Stanley Black & Decker President & CEO Jim Loree.

“Today’s humanitarian and economic crises require everyone to contribute to the best of their abilities. We are seeing the best of humankind, and it is inspiring to see the response by corporations, governments, NGOs, communities and individuals, who are all working together to address these daunting challenges,” Loree added.

Earlier this month, Stanley Black & Decker announced plans to pull back on acquisitions and reduce “non-essential” staffing, including through layoffs, amid sharp declines in its share price since the outbreak of the COVID-19 virus as the stock market declined dramatically, the Hartford Business Journal reported. 

The newly formed COVID-19 Community Response Task Force is already working with universities, hospitals, manufacturers and other partners around the globe to apply its innovation and expertise to tackle today’s challenges, according to the company. Ongoing projects are said to include 3D face shield printing, innovations in mask technology, and fasteners and battery technology for medical products such as respirators.

Stanley Black & Decker provides critical support for those who keep the world’s critical infrastructure running, company officials point out. The company’s tools and storage units, engineered fasteners and security solutions are used by the essential health care, first responder, construction, maintenance, transportation, government and medical manufacturing workers.

“I continue to be amazed by the passion and societal commitment of our employees around the globe. Even when faced with their own personal challenges related to COVID-19, as well as new operational challenges, they continue to find impactful ways to live our purpose – For Those Who Make The World — and be a force for good. I am incredibly proud of their efforts. Now, more than ever, the world needs compassion and empathy. Now is the time to be generous,” added Loree.]

A month ago,  in honor of International Women’s Day, Stanley Black & Decker announced that it joined the Paradigm for Parity® movement, a coalition of business leaders dedicated to addressing the leadership gender gap in corporate America. 

Stanley Black & Decker is a $14 billion revenue, purpose-driven industrial organization. Stanley Black & Decker has 61,000 employees in more than 60 countries and operates the world's largest tools and storage business, the world's second largest commercial electronic security company, a leading engineered fastening business as well as Oil & Gas and Infrastructure businesses.