Malco Tools, a developer and manufacturer of tools for the HVACR and building construction trades, celebrated its 75th anniversary on May 17, 2025, with a ribbon-cutting ceremony and open house at its newly remodeled building in Annandale, Minn.
The celebration was attended by Malco employees, Annandale community members, and local dignitaries and representatives from the U.S. Senate, Wright County, and the City of Annandale, which officially proclaimed the date “Malco Tools Day.”
Malco Tools was founded in 1950 by Mark W. Keymer, a young steel supply salesman who invented a pipe crimper for installing sheet metal ductwork used in forced air heating systems. The company started in a small garage in Minneapolis before moving to its current headquarters in Annandale, where it now employs more than 170 associates. Keymer was later inducted into the Minnesota Inventors’ Hall of Fame in 2007.
After recently completing a substantial building remodel, Malco welcomed the community to experience the updated workspaces and see how the company manufactures and ships its products from central Minnesota.
“Malco’s 75th anniversary serves as a tribute to 75 years of hard work and progress–a true celebration of American manufacturing, rooted in Minnesota and powered by our people,” says Rich Benninghoff, Malco Group CEO. “This milestone also serves as a celebratory turning point as we look ahead to the future. We are all energized by what’s ahead for The Malco Group.”
Malco became an employee stock ownership plan (ESOP) in 2015 after the Keymer family sold their final shares back to the company. The company remained employee-owned until late 2024, when Malco Tools was acquired by Aspen Pumps Group.
The company was named as a Top Workplace by The Minnesota Star Tribune in 2024 and was also one of just 1,500 companies nationwide to receive a Top Workplace recognition from USA Today in 2025.
