Arrow Fastener Co., LLC to be Acquired by Hangzhou GreatStar Industrial Co., Ltd.

Hangzhou GreatStar Industrial Co., Ltd, a leading global developer, manufacturer and supplier of hand and power tools, announced 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, 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.