Investing.com - Stanley Black & Decker Inc. (NYSE:SWK) CEO James Loree has told President-elect Donald Trump that the tool maker has decided to build a $35 million plant in the U.S., based on the new administration's proposed "Buy American" industrial and trade policy plans.
According to an e-mail briefing from Sean Spicer, head of communications at the Republican National Committee, and the incoming White House press secretary, Loree told the President-elect of the company's decision and noted they decided to "'make where we sell because President-elect Trump's policies make it advisable to have more manufacturing in the U.S.'"
Spicer characterized the news as "another huge win" for the American economy.
"This is yet another huge win and a perfect example of the kind of leadership the Trump administration is going to provide when it comes to advancing policies that benefit American workers," said Spicer, in a copy of his statement, obtained by Investing.com. "President-elect Trump has made it clear that his administration "will follow two simple rules: Buy American and hire American. Under President-elect Trump's leadership, the United States will be the world's great magnet for innovation and job creation."
The company's shares were trading at $118.44 on Monday, at 1 p.m. Eastern, up 0.19%.
The Dow was trading at 19,910.75, down 0.27% this afternoon. The Nasdaq Composite was at 2272.02, down 0.22% this afternoon.
The Dow closed the day at 19887.38. The Nasdaq finished Monday at 5531.82. The S&P 500 at 2268.90. Though the Dow and S&P closed lower, the Nasdaq finished the day slightly higher than on Friday.
In other market-related news:
Alibaba 's (NYSE:BABA) CEO Jack Ma today chatted with Trump about how to create five million new tech jobs in the next five years at transition team headquarters at Trump Tower in New York City.
Trump also named his son-in-law, publisher Jared Kushner, to a senior White House position in the new administration today.
Spokesman Spicer confirmed that Alexander Gray has been named Deputy Director of the National Trade Council for the Defense Industrial Base
and Rolf Lundberg has been named Deputy Director of the National Trade Council for “Buy American, Hire American.”