Last Updated on 06/14/2021 by GS Staff
No, Lowes does not own Craftsman. The brand is owned by Stanley Black & Decker (SWK:NYSE). Lowes is one of the primary hardware stores that sell Craftsman. They do not have ownership of the brand. Craftsman products can also be purchased at Menards, Ace Hardware, Grainger, Blain’s Farm & Fleet, Sears, and Kmart.
When Did Stanley Black & Decker Acquire Craftsman?
Craftsman had been a brand of Sears since 1927. In fact, it was created by a Sears hardware manager named Arthur Barrows with additional development by another Sears hardware employee, Tom Dunlap. Dunlap is credited with improving the overall look and increasing the durability of the tools. The brand eventually became known for its reliable products that consumers trusted for their performance. Craftsmans has full lifetime warranties on many of its tools.
In 2017, Stanley Black & Decker acquired Craftsman from the struggling Sears. Stanley paid $525 million at the closing plus $250 million at the end of the third year. Additionally, Stanley has been required to pay annual payments between 2.5% to 3.5% for 15 years on new Stanley Black & Decker sales of Craftsman. Sears Holding (the owner of Sears and Kmart) has been in bankruptcy since October 10, 2018.
Lowe’s Owns Kobalt
While Lowe’s does not own Craftsman, the company does own the tool brand, Kobalt. The brand began being manufactured for Lowe’s in 1998 to take on the rival exclusive tool brands at Sears (Craftsman) and The Home Depot (Husky). J.H. Williams initially manufactured the tools. There have been a variety of other manufacturers since J.H. Williams including Danaher, JS Products Inc., Chevron, and Rexon Industrial Corp. that have made various types of tools.
Sources:
Featured Image – Ted Murphy/flickr
Sears Archives
CNN Business – Sears Sells Craftsman to Stanley Black & Decker
