Illinois company Tops Products buys Minnesota's Smead Manufacturing

Smead Manufacturing, a 119-year-old family-owned office supply company in Hastings, Minnesota, has been sold to Tops Products of Illinois. The terms of the sale were not disclosed. The sale of Smead, known for its filing products, was announced in a news release, but the impact on employment is currently unknown. Smead's revenue in 2023 was $260 million, and it currently employs between 200 and 300 workers. Tops Products, owned by Atlas Holdings, stated the acquisition strengthens its market position. Smead, once a larger company, has seen its size decrease due to the decline in demand for paper-based filing systems.