Arrow Fastener Co., LLC 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 its 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.