Remington to aquire Marlin
Just saw this.
http://www.foxbusiness.com/markets/industries/finance/article/remington-acquire-marlin-firearms_418888_9.html
MADISON, N.C., Dec 26, 2007 /PRNewswire via COMTEX/ -- 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: 19.24, -0.24, -1.23%), 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 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.
http://www.remington.com
http://www.foxbusiness.com/markets/industries/finance/article/remington-acquire-marlin-firearms_418888_9.html
MADISON, N.C., Dec 26, 2007 /PRNewswire via COMTEX/ -- 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: 19.24, -0.24, -1.23%), 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 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.
http://www.remington.com
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I just hope that remington's quality control does not rub off on marlin, marlin has been real good lately and remington has really stank.
Is anybody else concerned that one company is buying up so many others?0 -
Sure, but what are you going to do? 0 -
this is bad news...
No good usually comes for the consumer from monopolistic acquisitions...0 -
To be honest I dont like the idea, there is less US competition. Remington is aquiring a long time quality firearms manufacture, what American company besides Ruger is left? I would think they could barter a deal to sale firearms at much higher prices. I dont see any good come out of it?[?][?] 0 -
Savage, Ruger, Then a bunch of little companies. 0 -
Bummer.
I can't imagine the price of Marlins will go down because of this.
And with the price of a 45-70 Guide Gun so tantalizingly just out of reach....
Looks like I'll start looking for used ones.0 -
very sad news. one of the last connecticut icons goes to pot. 0 -
I sure do love Marlin rifles. Lets hope that Remington's recent quality standards are not exported to the Marlin brand. 0 -
That stinks.
DSM0 -
quote:Originally posted by Mk 19
I just hope that remington's quality control does not rub off on marlin, marlin has been real good lately and remington has really stank.
+10 -
I don't think this going to be good I think I better hurry up and aquire a 39a 0 -
quote:Originally posted by kyplumber
this is bad news...
No good usually comes for the consumer from monopolistic acquisitions...
exactly,,somebody tell me who is really behind..CERBERUS?
1. BUSHMASTER
2 COBB MANUFACTURING
3 REMINGTON
4 DPMS..
5 MARLIN
6 ????????
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The more independent companiesout there, the better. This is not good for the marketplace. Who will this help? CZ, Hugli, etc. 0 -
Don't they own Chrysler also? 0 -
If you lump all the American firearm manufacturers under one umbrella and then closed the doors, there would be untold companies springing up.
There is a vast amount of firearms manufacturing knoweledge in the US and all it would take would be a financial backer and we would see firearms manufacturing in short time.
The reason Companies have a hard time getting going right now is because there are so many large Conglomerates controlling the field.
The only way they can snub out the manufacture of firearms in the USA is to outright ban the Manufacture.0 -
Ive always wondered why bushy can buy cobb mfg; and remington is to buy marlin mfg. My understanding is this is under cerberus rule and actually their company.
Considering cerberus is a newyuck [i think] based company, what do you want a bet that it will either be taxed out of business or shut down on purpose. Either way it sucks that marlin is allowing itself to do this like gary olen of sportsmans guide was bought by the french.
Nothing good can come of this. [:(!][:(!][:(!]0 -
Before the current Cowboy Shooting craze they were a mediocre company with no R&D and a couple of old products.
Cowboy Shooting has gone international.
The sport has to have pumped up the company making the sellout a timely move.
I hope Remington will be more receptive to historical correctness of Marlin lever guns and their woodwork.0 -
Hopefully Remington will just put the power of Big Green into R&D, Marketing, and distribution. Leave the actual manufacture to the Marlin plant and gunsmiths...they seem to have it right. I have had ZERO problems with any of my Marlin lever actions or bolt action rimfires.
Remington has not had a great reputation lately on their QC coming off the line.0 -
I agree with the majority of the posts, nothing good comes of this. Marlin has always been a better weapon than Remington 0
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