SADDLE BROOK, N.J., May 3, 2017 /PRNewswire/ -- Hangzhou GreatStar Industrial Co., Ltd, a leading global developer, manufacturer and supplier of hand and power tools, announced today that it has entered into an agreement to acquire Arrow Fastener Co., LLC ("Arrow") from parent company Masco Corporation.
GreatStar, based in Hangzhou, China, is one of the largest hand tool manufacturers in Asia, specializing in designing and manufacturing high quality products for DIY, professional and industrial markets globally. Arrow, based in Saddle Brook, NJ, is the leading manufacturer of staple guns and heavy duty staples in North America.
"As an iconic American tool brand, Arrow products are 'must-have' items for many retailers in North America and elsewhere and represent an important addition to GreatStar's global product portfolio. Arrow's sales and marketing capabilities and strong market position combined with GreatStar's manufacturing expertise, innovation pipeline and global reach will deliver more products, more innovation and more value to our customers around the world," said GreatStar Chairman and CEO Champin Chou.
Arrow President Gary DuBoff said, "GreatStar is the ideal partner to further Arrow's plans to extend the Arrow brand into new tool categories, new channels and new geographic regions. GreatStar's rapid innovation and investment capabilities will help accelerate Arrow's growth and broaden our new product development roadmap."
"We bring to the market a distinguished legacy of success since our founding in 1929 that positions us well to continue to deliver high-quality, innovative products. Looking ahead, we believe that we have a long-term opportunity to enhance value by successfully executing our strategy to invigorate profitable growth under the Arrow name," added DuBoff. "Arrow will continue to manufacture and distribute its iconic T50 staple gun, staples, and other tools at the Saddle Brook, New Jersey facility. The strategically located New Jersey facility will also become a primary distribution center for GreatStar products further enhancing GreatStar's North American customer service capabilities."
The transaction is expected to close midyear in 2017, subject to customary closing conditions and regulatory approvals.
About Hangzhou GreatStar Industrial Co., Ltd.
Established in 1993, GreatStar is the leading manufacturer of hand tools in Asia serving DIY, professional, and industrial markets worldwide. GreatStar also manufactures a full range of specialty tools for drywall, masonry, painting, tiling, plumbing, and automotive applications as well as power tools, tool sets, and flashlights. GreatStar's culture of innovation, firm commitment to R&D and extensive customer insight ensure their leading brands and high-quality products meet the specific needs of the consumers and professionals they serve. For more information visit: www.greatstartools.com
About Arrow Fastener Co., LLC
Arrow Fastener Co., LLC is a leading manufacturer of manual and electric staple and nail guns, glue and rivet tools which are sold to consumers and commercial contractors, primarily through home centers, mass merchants and specialized retailers. Founded in 1929, Arrow Fastener was acquired by Masco Corporation (NYSE: MAS) in 1999. For more than five decades, the T50® staple gun has been the industry standard, as the world's best-selling staple gun. Today, Arrow Fastener is a trusted supplier of reliable, innovative and affordable products for the building trade professional and do-it-yourselfer. For more information, visit www.arrowfastener.com.
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SOURCE Arrow Fastener Company, LLC