NEW BRITAIN, Conn. — Stanley Black & Decker has 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.
- Why is Stanley Black & Decker purchasing Craftsman?
- Stanley Black & Decker believes that Craftsman adds to its breadth of brands and provides even more solutions to the end-user. Stanley Black & Decker also believes it can bring innovation and investment back to Craftsman, making it stronger than ever before. Craftsman has a rich history, high consumer awareness, purchase intention and loyalty. It’s a complementary addition to the Stanley Black & Decker portfolio that will create long-term value for users and will greatly expand the distribution of Craftsman-branded products.
- When will this acquisition take effect?
- Stanley Black & Decker will begin working immediately to make Craftsman products available to more people than ever before, but this will take some time.
- Will the product line remain the same?
- Stanley Black & Decker remains focused on cost, quality, and delivery of solutions to customers at the highest standards. We are confident that there is an opportunity to build upon Craftsman’s heritage as an iconic American brand that stands for high quality, value-oriented products.
- Will Craftsman be manufactured in the United States?
- Stanley Black & Decker will be localizing as much manufacturing as possible, consistent with our operating model of manufacturing as close to our customers as possible. Stanley Black & Decker will focus on U.S. manufacturing, using global materials, with the confidence that this will grow the Craftsman brand.
- Will Sears continue to sell Craftsman products?
- Yes, Sears will continue sourcing, marketing and selling Craftsman-branded products in their stores, independent from Stanley Black & Decker.
- Will the Craftsman warranty remain the same?
- Yes. Craftsman branded products will continue to be covered under their existing warranties. On Day 1, there are no changes to how an end user gets service or how a non-Sears authorized retail associate would operate regarding the warranty.
Stanley Black & Decker believes that this transaction will create long-term value for users and will greatly expand the distribution of Craftsman-branded products.
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