Hastings-based home and office supply firm Smead Manufacturing has been sold to TOPS Products, an Illinois-based company, according to an announcement released June 2.
Smead was established in 1906 and has been operating as a family-owned business ever since. The company is known for its Bandless File System and gained attention during World War II for producing more than two million wallets for the U.S. armed forces, per the company’s website.
TOPS Products is an office and organizational supply company based in Naperville, Illinois. It owns manufacturing and distribution centers across the United States, Canada and Mexico, according to the release.
Casey Avent, who has served as Smead CEO since 2021, marks the fourth generation of Smead’s family ownership.
“After nearly 120 years as a family-owned business, I’m proud to usher in this new chapter for Smead with the right home to build upon what we’ve created,” Avent said in the announcement. “Joining TOPS is the next step in a line of strategic decisions we’ve made to do what’s best for the Smead business and our exceptional team.”
The transaction terms were not disclosed, and no additional information has been released about how the sale will affect Smead employees.
0 Comments