Who Owns Craftsman Tools?

Craftsman is an American brand based in Towson, Maryland, offering high-performance tools, storage, and equipment. It was established in 1927 by Sears as its tools and equipment division. Craftsman won four 2023 Pro Tool Innovation Awards in Sep 2023.

The award-winning products include the V-Series 11-Drawer Mobile Workstation, V20 Multi-Use Garden Tool Kit, SpeedDrive T-Handle Multi-Bit Screwdriver, and OVERDRIVE Mechanics Tool Sets. [1]

Craftsman offers power and manual tools, lawn and garden equipment, and reliable storage solutions. The American icon caters to homeowners, home builders, auto enthusiasts, and master mechanics.

In Feb 2024, Craftsman launched its T4400 54-in Gas Garden Tractor, expanding its riding lawn mower lineup. The T4400 features a Kawasaki V-Twin FR Engine, Tuff Torq transmission and differential lock, 54-in. fabricated deck, and TURN TIGHT 5-in. turning radius for precision cutting.

Consumers with large properties can rely on this garden tractor to simplify tedious yard work. [2]

Craftsman uses several marketing strategies to promote its products, including sponsorship. The brand sponsors NASCAR’s Joe Gibbs Racing team. In Jun 2023, Craftsman partnered with Ace Hardware and Joe Gibbs Racing for the 17^th Annual Racing for a Miracle Program. The brand pledged $1 million to support CMN Hospitals if Bell wins Chicago’s NASCAR race. Craftsman also donated $100,000 to the Ace Hardware Foundation for CMN. These efforts endear Craftsman to consumers. [3]

Craftsman outperforms rivals thanks to its innovative products. The brand develops reliable mechanics tools for everyone, from homeowners to builders and automotive enthusiasts. In Oct 2023, Craftsman released a new OVERDRIVE Mechanics Tool set.

This line includes 180-tooth count ratchets, sockets, and wrenches for automotive and maintenance tasks. It comes with a lifetime warranty. But who owns Craftsman? [4]

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Who is Craftsman’s Parent Company?

Craftsman is owned and operated by Stanley Black & Decker, Inc., a Fortune 500 industrial tools and household hardware provider based in New Britain, Connecticut. Stanley Black & Decker is a public company listed on the NYSE under the symbol SWK.

It owns iconic brands, including Craftsman, Dewalt, Black+Decker, Stanley, Cub Cadet, and Hustler. In Dec 2023, Stanley Black & Decker, Inc. sold its attachment and handheld hydraulic tools business to Epiroc AB for $760 million. [5]

Stanley Black & Decker employs over 50,000 people and operates manufacturing facilities worldwide. The parent company opened a 425,000-square-foot Fort Worth factory in 2022 to produce Craftsman mechanics hand tools.

However, the plant didn’t leverage new-to-world processes and innovative solutions to optimize productivity and sustainability. In Mar 2023, Craftsman discontinued operations at the Fort Worth facility.

Stanley Black & Decker plans to close the plant to achieve $2 billion in cost savings. [6]

Stanley Black & Decker is a leader globally in tools and household hardware. The company’s Tools & Outdoor segment contributes 85% of annual sales. In 2023, Stanley Black & Decker generated 62% of its revenues in the US.

The company’s main competitive advantage is its valuable tools and outdoor brands, including Dewalt, Craftsman, and Black+Decker. [7]

Stanley Black & Decker is committed to developing innovative products that offer value for money and high performance. Craftsman releases new tools annually to stay ahead of rivals. In May 2023, Stanley Black & Decker’s Dewalt, Craftsman, and Black+Decker won the 2023 Popular Mechanics Yard & Garden Awards. Craftsman won the “Light-Duty Push Mower,” “Pressure Washer for Washing,” and “Light-Duty Single Line Trimmer” categories. Dewalt received the “Best Contractor Pruning Saw,” “Best String Trimmer for Contractors,” and “Best Pressure Washer for Portability.” [8]

Image Credit: Dwi Agus Prasetiyo

Craftsman Ownership History

Sears established the Craftsman brand as its house tools and equipment division. However, Sears wasn’t the original owner of the “Craftsman” brand. Sears’ head of the hardware division, Arthur Barrows, bought the rights to use the Craftsman name from the Marion-Craftsman Tool Company for $500.

In May 1927, Sears registered the Craftsman trademark. Tom Dunlap succeeded Barrows and upgraded the quality of the Craftsman tools by adding chrome plating. This upgrade helped the brand attract customers as America transitioned into the automobile age. [9]

Craftsman introduced electric drills only two years after its founding. The brand developed the first wrench made of vanadium steel in 1932 and affordable lawnmowers in 1934. The brand sold 44 million pliers, 400 million screwdrivers, and 23 million adjustable wrenches between 1965 and 1989.

Craftsman made history in 1989 when US Army infantry officer Kenneth Carrick used their hammer and two screwdrivers to chip off the Berlin Wall. The brand launched the Craftsman Club in 1991 and sponsored the 1995 NASCAR SuperTruck Series race.

Craftsman celebrated its 75^th anniversary in 2002 with a catalog of over 4,000 products. In Jan 2017, Stanley Black & Decker acquired the Craftsman brand for $900 million. The deal transferred Craftsman ownership from Sears to Stanley Black & Decker. [10]

Craftsman made all its tools in the US when it was established. However, Sears discontinued many USA-made Craftsman tools and replaced them with imported versions to cut costs. The switch undercut Craftsman’s popularity in its US domestic market.

Stanley Black & Decker pledged to bring Craftsman tool production back to the US. In Aug 2018, the new owner relaunched the Craftsman tool brand. Stanley Black & Decker opened a new facility in Texas to produce Craftsman tools in the US. However, the plant was closed in 2023 to cut production costs. [11]

Image Credit: Ryan Nicoll

Craftsman’s Shareholder Structure

Craftsman is a wholly owned brand of Stanley Black & Decker, Inc which is listed on the NYSE as SWK. As of Dec 2023, Stanley Black & Decker, Inc. had 177,161,389 Stock A shares, with one vote.

This figure includes 153,468,287 free-float shares held by institutions and the general public. The remaining 13.38% is company-owned. [12]

Stanley Black & Decker’s shareholder structure includes institutional owners, insiders, and individual investors. Around 1,089 institutions own SWK shares. As of Dec 2023, Vanguard Group was Stanley Black & Decker’s largest institutional shareholder, with 12.02%. This stake represents 18.71 million shares. Price T.Rowe Associates is SWK’s second-largest shareholder with 11.96%, followed by Blackrock Inc. at 8.34%, State Street Corp at 5.53%, Wells Fargo at 2.51%, Invesco at 2.27%, and Geode Capital at 2.25%. Other top players in Stanley Black & Decker’s shareholder structure include Massachusetts Financial Services, Barrow, Hanley Mewhinney & Strauss, and Morgan Stanley. [13]

Stanley Black & Decker’s insiders own 0.27% of the company. As of May 2024, Director Rob Manning was the top insider shareholder, with 34,460 shares. General Counsel Janet Link is second with 32,860, followed by Chairman Andrea Ayers at 28,318, Director Mike Hankin at 10,331, and Director Debra Crew at 8,174.

Other insiders owning SWK shares include Jane Palmieri at 6,587, Mojdeh Poul at 6,587, Irving Tan at 6,034, Adrian Mitchell at 5,749, and Susan Carter at 2,182. [14]

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