Stanley Black & Decker plans to open an Advanced Manufacturing Center of Excellence in downtown Hartford, Connecticut. The facility will accelerate the company's global Industry 4.0 "smart factory" initiative.

Called "Manufactory 4.0," named after the original Stanley Bolt Manufactory founded in 1843, the 23,000-square-foot Center will be located at One Constitution Plaza and will employ approximately 50 Industry 4.0 professionals. The company is also launching an additive manufacturing accelerator with Techstars that will be housed at the new facility.

"Strong urban cores, and in particular a vibrant capital city, are essential to Connecticut's ability to thrive which is why we decided to locate this important new initiative in Hartford," said Stanley Black & Decker's President & CEO Jim Loree.

"Our team has worked closely with Mayor Bronin's office, and we are excited to be a part of building a vibrant, strong capital city. With the budget now passed, the hard work can begin to solve some of the state's structural fiscal challenges and put the state on a more sound economical path, Loree said. “We cannot lose the sense of urgency and must recognize that the state is at a critical juncture. As a company founded in New Britain, Connecticut, almost 175 years ago, we have expressed our commitment from a social responsibility perspective to being part of the solution."

"Our Manufactory 4.0 will serve as the epicenter for the latest technologies and processes with respect to Industry 4.0," said Don Allan, CFO for Stanley Black & Decker. "Just as Connecticut was at the heart of the first three Industrial Revolutions and has continued to have a strong manufacturing presence, we believe that the state has the potential to be a leader for what is often called the Fourth Industrial Revolution, the automation of manufacturing that includes the internet of things, cloud computing, artificial intelligence, 3-D printing, robotics and advanced materials. We are thrilled that Sudhi has joined the company to lead this effort, which is a critical component of our company's 22/22 strategy."

"Today's announcement further cements Stanley Black & Decker's reputation as a leading innovator in advanced manufacturing, and a tremendous partner to the State of Connecticut," said Governor Dannel P. Malloy.

"The Advanced Manufacturing Center of Excellence will be critical in spurring innovation and ensuring that our state continues to build upon our reputation as a global leader in advanced manufacturing.” he said.

In addition, to support and accelerate innovation in Industry 4.0, the company has made a three-year commitment to partnering with Techstars, one of the world's best startup accelerators, and is announcing the launch of the STANLEY+Techstars Additive Manufacturing Accelerator.

The mentorship-driven, entrepreneurial accelerator program will identify 10 startups in the additive manufacturing space to participate in the program in the program's first year. Companies will co-locate with Manufactory 4.0 and have access to mentoring and resources to grow their ideas into viable businesses, and bring new technologies to market.