Black & Decker Finalizes Craftsman Purchase

The purchase gives Stanley Black & Decker the right to develop, manufacture and sell Craftsman-branded products outside the Sears Holdings and Sears Hometown & Outlet Stores distribution channels.

As previously announced, Stanley Black & Decker has made a $525 million cash payment to Sears at closing and will make a $250 million payment at the end of year three and annual payments between 2.5 and 2.5 percent on new sales of Craftsman products through year 15.

Stanley Black & Decker initially announced it would

buy the Craftsman brand in January

.