Hangzhou GreatStar Industrial Co., a global developer, manufacturer and supplier of hand and power tools, agreed to acquire Saddle Brook, New Jersey-based Arrow Fastener Co. Arrow is currently part of the 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 is a manufacturer of staple guns and heavy duty staples.
The transaction is expected to close midyear in 2017, subject to customary closing conditions and regulatory approvals.
GreatStar Chairman and CEO Champin Chou described Arrow as “an iconic American tool brand,” and a strong addition to the GreatStar 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 Chou.
Arrow President Gary DuBoff said the deal will extend the brand. "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,” he said. “GreatStar's rapid innovation and investment capabilities will help accelerate Arrow's growth and broaden our new product development roadmap."
According to DuBoff, the T50 staple gun – the company’s best-known product – will continue to be manufactured in Saddle Brook. The Saddle Brook facility will also continue to distribute the staple gun, staples and other tools, and it will become a primary distribution center for GreatStar products.