Sears's Craftsman Said to Draw Interest from Black & Decker, TTI
Sears Holdings Corp.'s sale of its Craftsman tool business has attracted bidders including Stanley Black & Decker Inc. and Hong Kong's Techtronic Industries Co., people with knowledge of the matter said.
Other companies such as U.S.-based Apex Tool Group and Sweden's Husqvarna have also explored possible offers for Craftsman, according to the people. Final bids, which may value the brand at about $2 billion, are due at the end of the month. There's no guarantee that the potential suitors will decide to proceed with a formal proposal, the people said.
The brands being reviewed by Sears are Craftsman tools, Kenmore appliances, and DieHard auto batteries. Yet their sales have been slipping. With Sears stores showing little sign of a revival, Chief Executive Officer Edward Lampert has been considering selling off parts of the company to bring in cash.
