Stanley Black & Decker (NYSE: SWK) announced plans to invest $1 billion in the United States through 2028, allocating the funds across research and development, manufacturing, and workforce training.

According to a company statement, approximately 50% of the investment will go toward research and development for new tools and products, while the remaining 50% will support capital expenditures and manufacturing infrastructure in the U.S.

The New Britain, Conn.-based company also said it has committed $60 million through its Dewalt Grow the Trades initiative through 2030, aimed at expanding training programs for skilled trades workers. Of that amount, $27 million has already been deployed.

Chris Nelson, President and Chief Executive Officer of Stanley Black & Decker, said in the statement: "By leaning into research and development and investing in the future of our U.S. operations, we are setting the benchmark for next-generation products and solutions."

The announcement cited an industry projection that nearly half a million new skilled trades workers will be needed by 2027.

Jay Timmons, President and CEO of the National Association of Manufacturers, commented on the investment, saying it "reinforces our industrial foundation" and "opens doors to new economic opportunities."

Stanley Black & Decker employs approximately 41,000 people and operates manufacturing facilities globally. Its brand portfolio includes Dewalt, Craftsman, Stanley, Black+Decker, and Cub Cadet.