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bea175
Board Founder
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Posted: 27 December 2007 02:17 AM |
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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 , 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
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crazy2medic
addicted handloader
| Joined: | 16 March 2006 |
| Location: | Watauga, Texas USA |
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Posted: 27 December 2007 01:46 PM |
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| well so much for a good inexpensive gun, guess all their stuff will be too costly for those of us on a budget!
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80 million armed americans! now that's peace of mind!
Teach the children quietly, for someday sons and daughters will rise up and fight while we stood still!
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OK Hunter
HB Life Member
| Joined: | 23 April 2007 |
| Location: | Stillwater, Oklahoma USA |
| Posts: | 112 |
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Posted: 27 December 2007 05:38 PM |
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| Maybe not. I wonder after reading the article if Marlin will remain a standalone company under the Remington banner.
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Dirtkicker
addicted handloader
| Joined: | 3 September 2007 |
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Posted: 27 December 2007 06:16 PM |
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| If Remington is smart, and I think they are, they won't mess very much with Marlin or NEF. I doubt the price structures will change very much. Last edited on 27 December 2007 06:16 PM by Dirtkicker
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bea175
Board Founder
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Posted: 27 December 2007 06:32 PM |
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If they restructure and i am sure they will , you may lose some of the products Marlin now offers. It would be a shame if the Model 39 lever 22 lr is canned. 
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pegleg4570
HB Full Member
| Joined: | 23 June 2007 |
| Location: | Las Vegas, Nevada USA |
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Posted: 28 December 2007 07:21 AM |
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I'd hate to see that Model 39 go away too.
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crazy2medic
addicted handloader
| Joined: | 16 March 2006 |
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Posted: 28 December 2007 11:54 AM |
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| I figure the atr 100 will be the first thing to be taken off the market, the atr is in direct competition with the remington 710! when I was looking for a bolt rifle for my boy, I looked at both and the 710 kinda felt like a rattletrap, the atr was solid and didn't feel cheap, so I bought it and was amazed at how well it shot! but I bet that line of guns will be gone now!
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80 million armed americans! now that's peace of mind!
Teach the children quietly, for someday sons and daughters will rise up and fight while we stood still!
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Charley
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Posted: 28 December 2007 01:01 PM |
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| Don't forget, Remington is owned by Cerberus Capital.
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"You all can go to Hell, I'm going to Texas" David Crockett (and probably George Bush)
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fishinginflorida
HB Full Member
| Joined: | 12 December 2007 |
| Location: | Bell, Florida USA |
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Posted: 28 December 2007 02:14 PM |
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Thank God it ain’t the Chinese!
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OK Hunter
HB Life Member
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Posted: 28 December 2007 02:28 PM |
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Charley wrote: Don't forget, Remington is owned by Cerberus Capital.
Any time an equity firm is involved in ownership, you should expect anything to happyen. I'm not real fond of equity firms' ownership.
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Charley
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Posted: 28 December 2007 02:29 PM |
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OK Hunter wrote: Charley wrote: Don't forget, Remington is owned by Cerberus Capital.
Any time an equity firm is involved in ownership, you should expect anything to happyen. I'm not real fond of equity firms' ownership.
True. Not saying it is good thing, saying it isn't really Remington buying, as much as the fund.
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OK Hunter
HB Life Member
| Joined: | 23 April 2007 |
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Posted: 28 December 2007 02:36 PM |
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| I'm glad you brought that up as I had forgotten who owned Remington. Cerebus is in a fight with United Rentals at the present time over purchase. Looks like it may go to court. At least I think it's Cerebus who attempted to buy United Rentals, then backed out at the last minute. Something didn't look right and there was a $100M fee if the deal didn't go down. United is suing to get their money.
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