Stanley Black and Decker closing China plant and moving to Texas.

Stanley Black & Decker Inc. SWK, -0.30% mentioned Wednesday it’s planning to open a brand new Craftsman manufacturing plant in Forth Worth, Texas. The groundbreaking on the 426,000 sq. ft. facility is anticipated to happen in the summertime and be accomplished by late 2020.

The plant may have 500 full-time employees making a spread of Craftsman instruments, together with sockets, ratchets and wrenches. “When we purchased CRAFTSMAN in 2017 we were determined to revitalize this iconic U.S. brand and bring back its American manufacturing heritage,”

Chief Executive Jim Loree mentioned in an announcement. The model is anticipated to attain $1 billion in incremental gross sales by 2021, he mentioned.

Shares weren’t but energetic premarket, however have fallen 4.7% within the final 12 months, whereas the S&P 500 SPX, +0.58% has gained 4.5%.