March 9, 2017 — Stanley Black & Decker announced today that it successfully completed its purchase of the Craftsman Brand from Sears Holdings Corporation.
There are probably very few mechanics or at-home DIYers who haven't at one time used a Craftsman wrench or other Craftsman hand tool. Craftsman has a rich legacy as an iconic brand in hand tools and storage products, as well as a strong presence in lawn and garden products. Sources report the breadth of brands under the Stanley Black & Decker umbrella will provide even more solutions to the end-user.
“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," said Stanley Black & Decker’s President and Chief Executive Officer, James M. Loree.
"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," Loree said.
Stanley Black & Decker has been extremely active in acquisitions. In October 2016, it was announced that Stanley Black & Decker would acquire Newell Tools (makers of hilmor, Irwin, and Lenox)
Sears stores will continue sourcing, marketing and selling Craftsman-branded products, independent from Stanley Black & Decker.
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.
Regarding changes to the product lines, Stanley Black & Decker says it remains focused on cost, quality, and delivery of solutions to customers at the highest standards, and is 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.
Regarding manufacturing, Stanley Black & Decker will be localizing as much manufacturing as much as possible, consistent with what it says is its operating model of manufacturing as close to its 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.
Craftsman branded products will continue to be covered under their existing warranties. No changes have been made to how an end user gets service or how a non-Sears authorized retail associate would operate regarding the warranty. Customers can call 888-331-4569 or visit this link for warranty information.
Customers who purchased products at a Sears or Kmart can call 1-888-331-4569 (select option 1) or online, at Craftsman.com.