Malco Tools Named Medium Manufacturer of the Year by Minneapolis/St. Paul Business Journal

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Malco Tools, one of the nation’s leading solution developers and manufacturers of a variety of high-quality tools for the HVAC and building construction trades, has been named a 2024 Minnesota Manufacturing Award winner from the Minneapolis/St. Paul Business Journal.

For the second time since 2018, Malco has been named Manufacturer of the Year in the medium-sized business category. The awards celebrate the successes and contributions of leading manufacturers to the region’s economy.

Malco, which employs 150+ associates at its plant in Annandale, is a 100% employee-owned employee stock ownership plan (ESOP) company. Malco aims to be a destination company in central Minnesota and has made many significant positive changes to the business to achieve this goal, including setting new company core values and an internal “Look Good, Feel Good, Do Good” campaign to renovate workspaces, promote employee collaboration and wellbeing, and give back to the community.

Since its last Manufacturer of the Year award win, Malco has welcomed a new leadership team and strategic board members focused on driving measured and strategic growth, and strengthening the brand as it expands its product lines.

“Earning this recognition is such an honor, and an amazing way to celebrate the entire team’s work over the years to strengthen our internal culture, improve processes and bring in strategic experts to help guide our growth, all while maintaining our commitment to developing and manufacturing the highest quality tools for skilled trade pros,” said Rich Benninghoff, president and CEO at Malco. “We are immensely proud to once again be recognized among the leading manufacturers in the state of Minnesota who are doing fantastic work and promoting our local manufacturing industry.”

Malco is also a strong advocate for trade careers, donating significant quantities of in-kind products and apparel annually to national skilled trade education programs, competitions and events. Malco has also reached 85,000+ vocational students through its national “Head of the Class” Student Recognition Program, partnering with educators to recognize high-potential students and entire graduating classes in the trades.

Malco celebrates a safety-first culture, continuously maintaining its OSHA Safety and Health Achievement Recognition Program (MNSHARP) recognition since 2004, and earning the Minnesota Safety Council’s Governor’s Safety Award 13 times in the last 20 years.

Additionally, Malco is transitioning to environmentally-friendly recyclable packaging materials with significantly less plastic, reducing waste, conserving resources, and lessening its environmental impact.

Malco will be profiled in the July 19 issue of the Minneapolis/St. Paul Business Journal, and more information about the award can be found here.

For more information about Malco Tools, visit

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