Fayetteville toolmaker makes an acquisition
by October 8, 2019 4:02 pm 1,290 views
Marshalltown Tools recently acquired Bullet Tools, a company that specializes in flooring shears and other tools. Marshalltown executives said they are working diligently to assimilate Bullet Tools into the Fayetteville operations over the next few months.
None of the financial terms were disclosed between the privately-owned companies. Bullet Tools is based in Hayden, Idaho, and has been owned by Dalen Gunn and family since 1998.
Jack Murders, the plant manager at Marshalltown in Fayetteville, said there would be additional jobs coming to Fayetteville, though he is not sure exactly how many and when those positions will be added. Murders said more would be known in the next 60 to 90 days the transaction is finalized.
In a news release, company officials said the purchase solidified Marshalltown’s position as a leader in the flooring and tiling trades with the additional benefit of offering quality products to siding and insulation industries. The acquisition fits into the company’s strategy of continuous innovation and new product offerings for its growing customer base.
“Our purchase of Bullet Tools complements everything we’ve built here at Marshalltown,” CEO Joe Carter said in a statement. “Their brand recognition, customer loyalty, innovation, and above all, quality products, made them a natural fit. We plan to grow that reputation and provide our dealers, distributors, and customers with an even stronger line of flooring and tiling products.”
The company said it plans to keep the Bullet Tools name and brand but add its products to the Marshalltown catalog. The company also aims to maintain Bullet Tools’ quality and “innovative spirit.”
In 2016, the Marshalltown plant in south Fayetteville completed a $4.6 million expansion plan with a two-story, 52,000-square-foot addition. Murders said additional space was needed because the plant had maxed out office space as well as floor manufacturing space.
The company has seen growth amid the robust housing industry in recent years. Following the expansion in 2016, Murders said the plant employed about 200 workers who make between 3,000 and 4,000 different tools and machinery used in drywall and concrete. Marshalltown now employs about 300 workers.