Stanley Black & Decker said Thursday it has agreed to acquire the Craftsman brand from Sears Holding Corp. in a deal with a present value of about $900 million. The deal gives Stanley Black & Decker the right to sell Craftsman-branded products in non-Sears retail, industrial and online channels across the U.S. and overseas. “This agreement represents a significant opportunity to grow the market by increasing the availability of Craftsman products to consumers in previously underpenetrated channels,” Stanley Black & Decker Chief Executive James Loree said in a statement. Sears shares rose 3.5% premarket on the news, while Stanley Black and Decker was slightly higher.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News