Hangzhou GreatStar Industrial Co. Ltd., a developer, manufacturer and supplier of hand and power tools, announced it has agreed to acquire Saddle Brook-based Arrow Fastener Co. LLC from its parent company, Masco Corp.Hangzhou GreatStar Industrial Co. Ltd., a developer, manufacturer and supplier of hand and power tools, announced it has agreed to acquire Saddle Brook-based Arrow Fastener Co. LLC from its parent company, Masco Corp.

GreatStar, based in Hangzhou, China, is one of the largest hand tool manufacturers in Asia.

Arrow Fastener is a manufacturer of staple guns and heavy duty staples for 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.

“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,” Arrow President Gary DuBoff said.

“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,” DuBoff said.  “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 in the middle of 2017. Financial terms were not disclosed.