The storied tools brand Craftsman is getting a new home.
Stanley Black & Decker (SWK - Get Report) , which bought the brand from Sears Holdings (SHLD) in January, will begin selling Craftsman items in Lowe's (L - Get Report) , broadening its reach away from the department store, which had control over the brand for about 90 years.
"Today, we are also pleased to announce that we will roll out the Craftsman brand in the second half of 2018 with Lowe's in the Home Center channel," said Jeffrey Ansell, Stanley Black & Decker EVP & President-Global Tools & Storage.
"We have been more than impressed with the level of commitment and support afforded by Lowe's for the Craftsman brand. We continue working with other channel partners to continue to provide them with successful programs to facilitate their growth as well," he added.
Stanley Black & Decker bought Craftsman from Sears in January for $525 million in cash. The deal was contingent on a $250 million payment made by Stanley Black & Decker by the end of the third year of the relationship. The company also agreed to pay Sears between 2.5% and 3.5% on the sale of Craftsman goods through the fifteenth year of the agreement.
"Craftsman is a very broad-based brand across North America, plays across so many categories and channels. And given that we serve every geography, well over 50,000 discrete customers, we're very proud to announce this partnership with Lowe's in the Home Center channel," Ansell said.
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