When it comes to tools, Craftsman products rank pretty high on the wish lists of mechanics and grease monkeys. Now, the iconic brand is about to undergo a massive change.
After 90 years of ownership, Sears Holdings has sold the brand to industrial manufacturer Stanley Black & Decker. The new owners will now develop, manufacture, and sell Craftsman products through its own channels. Sears, meanwhile, will continue to source and sell Craftsman through a perpetual license agreement. The brand was sold for approximately $900 million.
"Craftsman is a legendary, American brand with tremendous consumer awareness built on a legacy of producing quality products at a great value," said Stanley Black & Decker president and CEO James M. Loree. "This agreement represents a significant opportunity to grow the market by increasing the availability of Craftsman products to consumers in previously underpenetrated channels. We intend to invest in the brand and rapidly increase sales through these new channels, including retail, industrial, mobile and online."
What do you guys think? Will this sale affect the quality of Craftsman products?