ToughBuilt Industries TBLT Stock News

ToughBuilt Industries Inc (NASDAQ: TBLT) is climbing in the market this morning, trading on gains of more than 20% early on after the company announced that it received new business from Lowe’s. Here’s what’s happening:

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TBLT Stock Climbs On Lowe’s News

In the press release, ToughBuilt Industries said that Lowe’s has awarded a portion of its soft sided tool storage business to it. Moreover, Lowe’s has awarded all of its kneepad business to the company.

In the release, the company said that these products will be launched at nationwide stores as well as online in October of this year. The launch will include 30 SKUs and an ongoing total annual forecast of $22.7 million.

TBLT said that the products being launched include:

  • Innovative Bags – The company’s innovative bags and CLIPTECH pouches will be included in the launch.
  • Knee Protection – The company also said that its knee pads and other knee protection products will be featured.

Importantly, some of the products will be sold under the TOUGHBUILT brand. However, some of the products included in the launch will be white labelled under the Lowe’s in-house brand known as KOBALT.

In a statement, Michael Panosian, CEO at TBLT, had the following to offer:

We are honored for the opportunity of partnering with Lowe’s and to receive a portion of the soft sided tool storage and workwear kneepad business. With the launch of thirty products side by side with the well known Kobalt brand, this launch will enhance our brand awareness nationally and significantly broaden customers’ access to our high quality and pro trusted line of products. We are absolutely committed to building a best-in-class omni-channel experience and having these products at Lowe’s stores. I would like to take this opportunity to thank Lowe’s management and their dynamic buying team for all their guidance and support in putting this unique best in class program together.

This Is A VERY BIG DEAL

This is a turning point for ToughBuilt Industries in my opinion. First and foremost, Lowe’s isn’t just a nationally recognized brand, it has become a household name.

Importantly, it is expected that this deal will bring in revenue in excess of $22 million annually. Take a look at the market cap of TBLT if you will. At the time of writing this article, the market cap was just over $20 million.

So, this agreement will drive revenue that is about equal to or more than the total value of the company as we speak. Think about the implications of that! Think about the opportunity this brings. Think about putting TBLT on your watch list!

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