Who owns Craftman? The American brand of tools and outdoor equipment is owned by the Fortune 500 company, Stanley Black & Decker. The company acquired the Craftsman brand from Sears Holdings in March 2017, through a deal valued at approximately $900 million. Sears originally established Craftsman back in 1927 and developed it into a reputable and recognizable brand. Now, Stanley Black & Decker is expanding the Craftsman product line and retail presence in the market.
Company History
Craftsman is a popular brand of tools, lawn and garden equipment, and workwear that was first established in 1927. The history of the company and its ownership has seen several changes over time.
1. Early History and Sears Ownership:
The Craftsman brand was initially owned and introduced by Sears, an American chain of department stores, in 1927. Craftsman was registered and launched as a house brand for hardware-quality tools at Sears, replacing the brand name, Fulton. It quickly became known for its durability and reliability, garnering quite some popularity.
2. Craftsman Assurance of Quality:
To further establish the quality of its products, Craftsman introduced a lifetime warranty on many hand tools in 1934. This warranty assured customers of replacements or repairs for tools if they ever failed to give complete satisfaction under normal use. The warranty enhanced consumer trust in the brand.
3. Stanley Black & Decker Ownership:
In January 2017, there was a significant change in the ownership of Craftsman. Sears announced that it had agreed to sell the Craftsman brand to Stanley Black & Decker, an American multinational company that manufactures tools and related accessories. The transaction was valued at approximately $900 million, which included cash, stock, and profit-sharing. Since acquiring the Craftsman brand, Stanley Black & Decker has continued to produce high-quality tools and equipment. They have also expanded the brand’s product line by introducing new innovations and designs.
In conclusion, the Craftsman brand was originally established and owned by Sears in 1927, before being sold to Stanley Black & Decker in 2017. Through these years, the brand has been known for its commitment to quality and innovation, making it one of the most respected and well-established names in the industry.
Who was the original founder?
Craftsman was originally founded in 1927 by Arthur Barrows, an executive at the mail-order company Sears, Roebuck and Co. Arthur Barrows wanted to create a new brand of high-quality tools that Sears could sell under a unique name. He worked with the S-K Tools Company to develop a line of Craftsman tools, which quickly gained a reputation for their durability and reliability.
Arthur Barrows was a talented and innovative businessman who played an instrumental role in the growth of Sears, Roebuck, and Co. in the early 20th century. Prior to founding Craftsman, Barrows was responsible for various areas within the company, such as establishing the Sears Catalog and expanding the company’s product range.
His vision and entrepreneurial spirit helped shape Sears as a dominant force in the American retail industry during that time. Craftsman quickly became a popular brand among consumers, and over the years, it became synonymous with quality and value. In 2017, Sears sold the Craftsman brand to Stanley Black & Decker, which now owns and manages the brand.
FAQ: Who Owns Craftsman?
Who is the current owner of the Craftsman brand?
The Craftsman brand is currently owned by Stanley Black & Decker, a global tool and storage company.
When did Stanley Black & Decker acquire Craftsman?
Stanley Black & Decker acquired the Craftsman brand in January 2017 from its previous owner, Sears Holdings Corp.
Why did Sears sell the Craftsman brand?
Sears Holdings Corp. sold the Craftsman brand as part of a wider strategy to raise cash and revitalize its struggling retail business.
What does Stanley Black & Decker plan to do with the Craftsman brand?
Stanley Black & Decker plans to invest in the Craftsman brand by expanding its product offerings, improving quality, and increasing distribution through various retail channels, both online and in brick-and-mortar stores.
Are Craftsman tools still sold at Sears?
Yes, Craftsman tools are still available for purchase at select Sears locations and online through the Sears website, as well as other retail outlets.
Sources for More Information
- Sears Holdings Corporation
- Craftsman Official Website
- The Spruce – A Complete Guide to Craftsman Tools
- Consumer Reports – Craftsman Line at Lowe’s
Featured Image Credit: Photo by Bidvine; Pexels; Thank you!
