Arrow Fastener Co., LLC to Be Acquired by Hangzhou GreatStar Industrial Co., Ltd.
Hangzhou GreatStar Industrial Co., Ltd., a global developer, manufacturer and supplier of hand and power tools, announced May 3, 2017, 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, N.J., is a manufacturer of staple guns and heavy duty staples in North America.
Arrow will continue to manufacture and distribute its staple gun, staples and other tools at the New Jersey facility. The New Jersey facility will also become a primary distribution center for GreatStar products.
The transaction is expected to close midyear in 2017, subject to customary closing conditions and regulatory approvals.