Stanley Black & Decker plans to roll out more than 1,200 new Craftsman products after acquiring the iconic tool brand from Sears last year.
Continue Reading Below
The company announced on Wednesday that Craftsman will launch the new line of power tools and equipment, hand tools, automotive tools, lawn and garden equipment and storage products over the next year. The products will be sold through Lowe’s, Ace Hardware, Amazon and other major retailers starting this month.
New Britain, Connecticut-based Stanley Black & Decker expects to initially make 30 percent of the new tools in the U.S. It plans to expand domestic production to 50 percent over the next few years.
Craftsman will also debut a new logo as part of the brand’s relaunch under Stanley Black & Decker.
“With the revitalization of the brand, we’re focused on delivering high quality, high value products to continue this tradition while making it easier for our customers to get the new tools, products and accessories, available with more retailers than ever before,” Jeffery Doehne, Stanley Black & Decker’s general manager of Craftsman, said in a news release.
Stanley Black & Decker’s new Craftsman tools include cordless drills, tile saws and mowers, as well as VersaTrack portable storage and garage organization.
|SWK||STANLEY BLACK & DECKER||158.90||+0.50||+0.32%|
|LOW||LOWE'S COMPANIES INC.||154.79||-0.91||-0.58%|
Stanley Black & Decker, which owns other tool brands like Dewalt and Porter-Cable, has said it would seek to broaden distribution and expand Craftsman’s product portfolio following its deal with Sears. Prior to the $900 million acquisition, Sears and Kmart accounted for about 90 percent of all Craftsman sales.
In October, Stanley Black & Decker reached an agreement with Lowe’s to begin selling Craftsman tools in its stores. The home-improvement retailer first offered Craftsman products in the spring, and more products will arrive in time for the holiday shopping season, Lowe’s said.
Sears continues to sell Craftsman products in stores and online, part of a 15-year, royalty-free licensing deal. The department-store chain will also receive a share of Stanley Black & Decker’s Craftsman revenue over the same period.