Stanley, Sears close Craftsman sale

NEW BRITAIN, Conn. — Stanley Black & Decker says it has finalized the purchase of the Craftsman line of tools from Sears Holdings. The $900 million deal includes a $525 million payment made at closing, which will be followed by another $250 million at the end of the third year. Annual payments ranging from 2.5-3.5% of Craftsman sales will also be made to Sears for the next 15 years.