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|Stanley Black & Decker Reaches Agreement To Purchase Craftsman Brand From Sears Holdings|
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"Craftsman is a legendary, American brand with tremendous consumer awareness built on a legacy of producing quality products at a great value," said
"As we continue our growth trajectory as a diversified industrial company, we continue to look at opportunities to build upon our world-class portfolio of franchises and brands to create shareholder value. This transaction, which aligns squarely with this strategy, also reflects an effective allocation of capital particularly when viewed in the context of the recently announced Mechanical Security sale. We've essentially freed up capital trapped in a low-growth business to invest in organic growth and EPS accretion," added Loree.
Existing sales of Craftsman products outside the
The transaction, which was approved by the Boards of Directors of both companies, is expected to close during 2017, subject to customary closing conditions and regulatory approvals.
The call will be accessible by telephone at 1 (877) 930-8285 and from outside the U.S. at 1 (253) 336-8297 (Conference ID 46963043); also, via the Internet at www.stanleyblackanddecker.com. To listen, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software. A replay will also be available two hours after the call and can be accessed at (855) 859-2056 or (404) 537-3406 by entering the Conference identification number 46963043. The replay will also be available as a podcast within 24 hours and can be accessed on our website and via iTunes.
Stanley Black & Decker Contacts
This press release contains forward-looking statements from
You are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future events and involve risks, uncertainties and other known and unknown factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements, including, but not limited to, the failure to consummate, or a delay in the consummation of, the transaction for various reasons; failure to successfully integrate the Craftsman brand and achieve expected revenue opportunities; the seller becoming insolvent or entering bankruptcy proceedings; or the transaction-related costs and charges being greater than anticipated.
Forward-looking statements made herein are also subject to risks and uncertainties, described in the respective company's: 2015 Annual Reports on Form 10-K; subsequently filed Quarterly Reports on Form 10-Q; and other filings made with the
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stanley-black--decker-reaches-agreement-to-purchase-craftsman-brand-from-sears-holdings-300386277.html