Stanley Black & Decker announced that it successfully completed its purchase of the Craftsman Brand from Sears Holdings Corp.

James Loree, Stanley Black & Decker president and CEO, commented, “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. 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 an experienced team,” he said. “We also understand the Craftsman warranty is important to existing customers and intend to honor existing and offer similar warranties 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.”

The company says that Craftsman, power and hand tools, and storage products, as well as lawn and garden products, has a legacy as an iconic brand within U.S.