As reported by Bloomberg, Sears has decided to sell its Craftsman brand of tools and lawn equipment to Stanley Black & Decker. The deal is reportedly worth $900 million and will be paid off through a series of one-time payments and annual payments over the next 15 years.
The announcement came at a time when Sears was also announcing the closure of roughly 150 retail stores.
The Craftsman brand has been part of Sears for 90 years. The brand is generally thought to have good recognition, especially among older consumers. Stanley Black & Decker sees a sound opportunity to build upon that brand recognition to increase retail distribution and drive sales growth. Because the Craftsman brand had been so strongly tied to Sears, additional product distribution was limited. In fact, it’s reported that roughly 90% of sales took place within the Sears network. That will likely be changing, although Sears will continue to sell the Craftsman brand.
To support forecasted sales growth, Stanley Black & Decker says it will be increasing U.S. manufacturing jobs.
Craftsman lawnmowers had been manufacturered by other lawnmower manufacturers over the years, including MTD (maker of Cub Cadet, Troy-Bilt and others) and Husqvarna.
Black & Decker’s current offering of lawn and garden equipment includes battery-powered and corded mowers, trimmers, edgers, blowers, sweepers, chainsaws, snowthrowers, gardening tools and other products.
Check back for updates as this story develops.
