Stanley Black & Decker has announced that it completed its purchase of the Craftsman Brand from Sears Holdings Corp.
Stanley Black & Decker’s President and Chief Executive Officer, James M. Loree, comments, “We are pleased to complete the purchase of the Craftsman Brand, an American brand with consumer awareness built on a legacy of providing 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 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 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 franchises to create shareholder value.”
Craftsman has a legacy as a brand within U.S. in power and hand tools and storage products as well as a presence in lawn and garden products. The breadth of brands under the Stanley Black & Decker umbrella will provide more solutions to the end-user.