Stanley Black & Decker completes purchase of Craftsman Brand
Purchase from Sears Holdings brings Craftsman brand into Stanley family.
Stanley Black & Decker announced today that it successfully completed its purchase of the Craftsman Brand from Sears Holdings Corporation.
Stanley Black & Decker’s President and Chief Executive Officer, James M. Loree commented, “We are pleased to complete the purchase of the Craftsman Brand, a legendary American brand with tremendous consumer awareness built on a legacy of providing reliable products at a good value and standing behind them. We will invest in the brand with a focus on quality, innovation and U.S. manufacturing, with the goal of rapidly increasing sales through new channels and will provide more information on our distribution plans as they are developed.
"We are confident that we can grow Craftsman while continuing to execute on our other core strategic initiatives, leveraging our world class innovation, commercial and operational excellence and experienced team.
"We also understand the Craftsman warranty is important to existing customers and intend to honor existing and offer similar warrantees going forward. As we continue our growth journey, we will pursue opportunities across the portfolio to build upon our world-class franchises to create shareholder value.”
Craftsman has a rich legacy as an iconic brand within U.S. in Power & Hand Tools and Storage Products as well as a strong presence in Lawn & Garden Products. The breadth of brands under the Stanley Black & Decker umbrella will provide even more solutions to the end-user.
Stanley Black & Decker, an S&P 500 company, is a diversified global provider of hand tools, power tools and related accessories, electronic security solutions, healthcare solutions, engineered fastening systems, and more. Learn more at www.thefutureofcraftsman.com.