My guess is that Leatherman may be positioning themselves to be a brand of more than pliers based multi tools. Of course that is what they will most likely always be known for, but they also do minis, wearables, knives, and have dabbled with flashlights and the like.
Think of it this way, a Logo is the representation of your brand. However, sometimes a name is brand in of itself. When you say "Leatherman" what do you think of? If I handed you a small cardboard box with nothing written on it but "Bandaid", you could probably guess what it is inside. However, Leatherman is more than just folding pocket tools.
I don't really love the new logo, but if I were positioning myself to make sure that everyone knew my company made more than pliers based tools, I might change it...or at least if I were head of the marketing department I might consider presenting the idea.