What Happened to Craftsman Tools?
Craftsman Tools, once synonymous with quality and reliability, has undergone significant transformations over the years. This iconic brand, initially sold by Sears Holdings Corporation, was a household name trusted by professionals and DIY enthusiasts alike. However, the sale of Craftsman Tools to Stanley Black & Decker in 2017 marked a pivotal moment in the brand’s history. This transition, involving a transaction exceeding $900 million, raised many questions among loyal users and industry insiders. What exactly happened to Craftsman Tools? How has the brand evolved under new ownership? And what does the future hold for this once-storied brand? In this comprehensive article, we delve into the details to provide an in-depth understanding of Craftsman Tools’ journey.
The Origins and Rise of Craftsman Tools
Craftsman Tools was established in 1927 by Sears, Roebuck and Co. as a premium line of tools aimed at homeowners and professionals. Over the decades, Craftsman became synonymous with durability, innovation, and dependability. The brand’s lifetime warranty, a unique selling point, further cemented its reputation in the market. Craftsman Tools were seen as an investment, a set of tools that would last a lifetime, and their availability in Sears stores nationwide made them accessible to millions of Americans.
Sears’ strong retail presence during the 20th century contributed significantly to Craftsman’s success. The tools were marketed as reliable, high-quality products that stood up to the rigorous demands of any job. This, combined with a wide range of products—from hand tools to power tools—ensured that Craftsman was a staple in many American households and professional settings.
The Decline of Sears and the Fate of Craftsman
The late 20th and early 21st centuries saw a decline in Sears’ fortunes. The rise of e-commerce, competition from other retailers, and strategic missteps led to Sears struggling to maintain its market share. As Sears Holdings Corporation faced financial difficulties, the company made the decision to sell off its assets, including its beloved Craftsman brand.
The sale of Craftsman to Stanley Black & Decker in 2017 was part of a broader strategy by Sears to raise capital and stave off bankruptcy. The transaction involved an initial payment of $525 million, with additional payments totaling over $900 million. This move allowed Stanley Black & Decker to gain control of one of the most respected names in the tool industry, while Sears retained limited rights to manufacture and sell Craftsman products for a limited time.
Stanley Black & Decker’s Vision for Craftsman
Stanley Black & Decker, a global leader in tools and storage, has a long history of acquiring and revitalizing brands. With Craftsman, Stanley Black & Decker aimed to breathe new life into a brand that had seen a decline in visibility and market penetration due to Sears’ struggles. The acquisition was not just about taking over a brand; it was about reviving it and positioning it for success in the modern marketplace.
Investment in Quality and Expansion of Product Lines
One of the first steps Stanley Black & Decker took was to invest heavily in the quality of Craftsman products. The company understood that maintaining the brand’s legacy of durability and reliability was crucial to winning back the trust of consumers. New manufacturing processes, updated designs, and rigorous quality control measures were implemented to ensure that Craftsman tools continued to meet the high standards that users had come to expect.
In addition to improving existing products, Stanley Black & Decker expanded the Craftsman product line. The company introduced new categories of tools, including outdoor equipment and innovative power tools, to cater to a broader audience. This expansion allowed Craftsman to appeal to both professionals and DIY enthusiasts, reinforcing its position as a go-to brand for a wide range of tools.
The Return of American Manufacturing
Another significant change under Stanley Black & Decker’s ownership was the return of Craftsman manufacturing to the United States. Recognizing the importance of American-made products to the brand’s identity, Stanley Black & Decker invested in new manufacturing facilities in the U.S. This move was not only a nod to Craftsman’s heritage but also a strategic decision to improve product quality and reduce lead times.
The new facility in Fort Worth, Texas, which opened in 2020, is a state-of-the-art manufacturing plant that produces a wide range of Craftsman tools. This investment in American manufacturing has been a key selling point, especially for consumers who value domestically produced goods. The return of Craftsman production to the U.S. has been seen as a positive step in reviving the brand’s legacy and ensuring that it remains competitive in a crowded marketplace.
Where Can You Buy Craftsman Tools Today?
Since the acquisition, Stanley Black & Decker has worked to expand Craftsman’s availability across various retail channels. Unlike the days when Craftsman was primarily available through Sears, today’s consumers can find Craftsman tools at a variety of retailers, both in-store and online.
Retail Partnerships
Craftsman tools are now available at major home improvement retailers such as Lowe’s, which signed an exclusive agreement to carry the brand in 2018. This partnership has allowed Craftsman to reach a wider audience, including those who may have previously shopped at competitors like Home Depot. In addition to Lowe’s, Craftsman products can be found at Ace Hardware, Amazon, and other online marketplaces, ensuring that the brand is accessible to consumers nationwide.
Online Presence
In today’s digital age, having a strong online presence is essential for any brand. Stanley Black & Decker has invested in developing a robust e-commerce platform for Craftsman, making it easier for customers to purchase tools online. The official Craftsman website, as well as listings on major online retailers, offer a convenient shopping experience for those who prefer to buy online. This digital strategy has been instrumental in maintaining Craftsman’s relevance in a market where online shopping continues to grow.
The Future of Craftsman Tools
As Stanley Black & Decker continues to invest in the Craftsman brand, the future looks promising. The combination of high-quality products, expanded distribution, and a return to American manufacturing has positioned Craftsman for continued success. However, the tool industry is highly competitive, and Craftsman will need to continue innovating and adapting to stay ahead of the curve.
Innovation and Sustainability
Looking forward, Stanley Black & Decker has emphasized the importance of innovation in maintaining Craftsman’s competitive edge. The development of new technologies, such as smart tools and eco-friendly products, is likely to play a significant role in the brand’s future offerings. As consumers become more environmentally conscious, Craftsman’s ability to offer sustainable and innovative solutions will be key to its long-term success.
Expanding Global Reach
While Craftsman has a strong presence in the U.S., Stanley Black & Decker has also set its sights on expanding the brand’s global reach. By leveraging its extensive distribution network, the company plans to introduce Craftsman tools to new markets around the world. This global expansion will not only increase brand visibility but also drive growth in new regions where there is a demand for high-quality tools.
Conclusion
In conclusion, the story of Craftsman Tools is one of evolution and resilience. From its origins as a trusted American brand sold by Sears to its acquisition by Stanley Black & Decker, Craftsman has undergone significant changes. Today, under new ownership, Craftsman is once again thriving, with a renewed focus on quality, innovation, and accessibility. As the brand continues to evolve, one thing remains clear: Craftsman Tools are here to stay, continuing to serve both professionals and DIY enthusiasts with the same reliability and trustworthiness that has defined the brand for nearly a century.