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
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
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
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 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.
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
Media Contact: Al Russo: (336) 548-8572
SOURCE Remington Arms Company, Inc.
Al Russo for Remington Arms Company, Inc., +1-336-548-8572
-0- Dec/26/2007 21:08 GMT
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