Minnesota-based company to pull out of DeWitt, Nebraska
BEATRICE – A Minnesota-based company that has manufactured locking pliers will be pulling out of its DeWitt, Nebraska plant.
In a news release, officials of Malco Products, SBC, based in Annandale, Minnesota said it intends to exit the locking handle tool business next year, after fulfilling current customer orders.
Malco purchased the former American Tool Companies and Petersen Manufacturing plant in DeWitt, in 2017…introducing its Eagle Grip line of tools.
CEO and President of Malco Products, Rich Benninghoff said both the Annandale and DeWitt facilities have worked on that line over the past five years but said that platform doesn’t align with the company’s core business. Benninghoff said the move will allow the company to “double down on what we do best and continue to grow and invest in the business.” He says the company’s DeWitt plant currently employs 63, which is its peak number since operations began there.
Malco purchased the DeWitt property in 2017. The company said it is in open discussions with partners and stakeholders to determine the best path forward for the facility, including possible purchase of the facility. Benninghoff said it appears the company will wind down business at the plant, no sooner than the end of this year.
Malco manufactures specialty hand tools for the heating, ventilation and air conditioning industry…along with tools for exterior remodeling such as roofing, siding and gutter work, fence installation, auto body repair and finishing.