Stanley Black and Decker, Inc. are working to acquire another tool equipment brand with the expectation of adding U.S. jobs and expanding its sales channels. Only a small amount of the brand is sold in foreign markets. This acquisition comes on the heels of purchasing another tool brand business. Each of these purchases will provide information about where sales are occurring, and where sales have not been as effective.
- Sears Holdings Corporation has agreed to sell its Craftsman tool brand to Stanley Black & Decker Inc. for about $900 million.
- Craftsman tools will still be sold by Sears retail stores but the brand is being sold to Connecticut-based Stanley Black & Decker Inc.
- Stanley will pay $525 million at closing, $250 million after three years, and make annual payments on new Craftsman sales for 15 years, the companies said in a statement Thursday.
“Bloomberg.com says only about 10 percent of Craftsman brand products are sold outside of the Sears retail umbrella. The deal with Stanley Black & Decker will allow the brand to expand to other sales channels.”