Industrial surplus reseller Industrial Surplus Solutions Inc., St. Charles, Ill., has launched www.toolingmarketplace.com, an online resource for buying and selling surplus cutting tools.

Currently, there is an estimated $1 billion surplus and overstock goods among the more than 1,000 U.S. industrial distribution companies, hundreds of cutting tool manufacturers and thousands of machine shops in the U.S., according to ISS.

Toolingmarketplace.com is an online resource that facilitates buying and selling surplus cutting tools, according to the company. The Web site was designed for the metalcutting industry, allowing users to both upload surplus inventory for sale and purchase products. ISS hopes to set the standard in the metalcutting industry for purchasing and liquidating surplus cutting tools.