Sears sells Craftsman brand to Stanley Black & Decker for $775 million
Stanley Black & Decker added to its portfolio Thursday by buying the venerable Craftsman brand from Sears for for $775 million. In October, Stanley Black & Decker bought Lenox American Saw along with other parts of the the Newell Brands tool division for $1.95 billion in cash. That deal also included Newell's Irwin brand. That deal included the 500,000-square-foot Lenox American Saw factory in East Longmeadow, with its 640 employees. A total of 900 people manufacture and market Lenox saw blades and tools in more than 70 countries.
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