Deal positions Marlin and its various brands for growth
MADISON, N.C., Dec. 26 /PRNewswire/ -- Remington Arms Company, Inc.
("Remington" or "the Company") the only manufacturer of both firearms and
ammunition for Hunting, Law Enforcement/Security, Government & Military
applications in the United States, today announced it has entered into a
definitive agreement to acquire Marlin Firearms Company, Inc. ("Marlin").
The transaction is expected to close by the end of January 2008.
Marlin, headquartered in North Haven, Connecticut, also owns Harrington
and Richardson (H&R), New England Firearms (NEF) and LC Smith brands of
rifles and shotguns.
Tommy Millner Remington's CEO, said, "I am pleased to announce that
Marlin's well known brands with a long heritage of providing quality rifles
and shotguns to hunters and shooters around the world will join the
Remington family. The opportunity to combine two historic U.S. based
companies with such storied and proud histories, is both challenging and
exhilarating."
"We look forward to working with Bob Behn, a well respected member of
our industry. He will remain as president of Marlin, charting a course of
further growth and operational improvement," Mr. Millner continued.
Closing of the transaction is subject to certain customary conditions,
including regulatory approvals. Credit Suisse acted as financial advisor to
Remington with respect to this acquisition. Duff & Phelps Securities, LLC,
a unit of Duff & Phelps Corporation (NYSE: DUF), initiated the transaction,
assisted in the negotiations and acted as exclusive financial advisor to
Marlin.
Frank Kenna III, Marlin's Chairman, said, "Marlin has been a family run
business since 1924 and through a number of important steps, we have grown
it into the company it is today. We knew it was time to find the right
partner for Marlin to ensure our brands maintain their leadership positions
and move into the next century."
Mr. Kenna III continued, "We believe Remington's commitment to the
industry, shooters and hunters alike, combined with their resources from a
manufacturing and sales and marketing position, will reinforce the
confidence, hard work and dedication that our employees and management have
put into our brands."
Marlin manufactures a wide range of long guns, from the historic Model
39 and 336 rifles, which are the oldest shoulder arm designs in the world
still being produced, to the XLR Series, which are the most accurate lever
action rifles in the world. Its lever action 22 repeater, now the Model 39,
became the favorite of many exhibition shooters, including the great Annie
Oakley.
E. Scott Blackwell, Remington's President of Global Sales/Marketing and
Product Development, said, "The history of our two companies in innovation
and meeting the needs of hunters and shooters around the globe, combined
with the opportunity to further develop the Remington, Marlin, H&R, NEF and
LC Smith brands, is not only beneficial to the Company and our channel
partners, but especially to our end customer. It is these customers and our
employees that have contributed to the success and longevity of these
brands."
About Remington Arms Company, Inc.
Remington Arms Company, Inc., headquartered in Madison, N.C., designs,
produces and sells sporting goods products for the hunting and shooting
sports markets, as well as solutions to the military, government and law
enforcement markets. Founded in 1816 in upstate New York, the Company is
one of the nation's oldest continuously operating manufacturers. Remington
is the only U.S. manufacturer of both firearms and ammunition products and
one of the largest domestic producers of shotguns and rifles. The Company
distributes its products throughout the U.S. and in over 55 foreign
countries. More information about the Company can be found at
http://www.remington.com.
About Marlin Firearms, Inc.
Established in 1870, The Marlin Firearms Company's brands include
Marlin, Harrington & Richardson, New England Firearms and L. C. Smith.
Under its various brands, Marlin produces an array of lever action, bolt
action, and semi-automatic rifles, a wide variety of break-open single shot
shotguns and rifles as well as muzzleloaders and combo sets. The company
maintains a corporate Headquarters and manufacturing plant in North Haven,
Connecticut as well as a manufacturing facility in Gardner, Massachusetts.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of federal securities laws. Forward-looking statements give the
Company's current expectations or forecasts of future events. These forward
looking statements include expectations regarding (i) the proposed
acquisition, (ii) the anticipated benefits of the acquisition and (iii) the
timing of the proposed acquisition. The Company cautions that these
statements are qualified by important factors that could cause actual
results to differ materially from those reflected by such forward-looking
statements. Such factors include the demand for the Company's products, the
Company's growth opportunities, and other risks detailed from time to time
in the Company's reports filed with the SEC, including its Form 10-K Report
for the fiscal year ended December 31, 2006.
The Company assumes no obligation to update publicly such
forward-looking statements, whether as a result of new information, future
events or otherwise.
Media Contact: Al Russo: (336) 548-8572
SOURCE Remington Arms Company, Inc.
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Related links:
http://www.remington.com
CONTACT:
Al Russo for Remington Arms Company, Inc.,
+1-336-548-8572
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