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Remington, Marlin to join forces - The Outdoors - al.com
Remington, Marlin to join forces
Posted by Alan Clemons December 27, 2007 11:15 AM
Remington Arms has announced its plans to purchase Marlin Firearms, yet another move to bolster "Big Green" in the firearms and ammunition marketplace.
The deal was announced via press release Thursday morning and is expected to close by the end of January. No financial terms were disclosed.
That timeframe will give Remington and Marlin time to make a blowout announcement at the annual Shooting Hunting and Outdoor Trade Show in Las Vegas the first week of February. That's the biggest and most important outdoors-related show in the country, and maybe the world.
Marlin is located in North Haven, Conn., and was founded in 1870. Under its umbrella are well-known brands including Harrington and Richardson, New England Firearms and LC Smith rifles and shotguns.
"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," said Tommy Millner, Remington's CEO. "The opportunity to combine two historic U.S. based companies with such storied and proud histories, is 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."
Remington was founded in 1816 in New York and is the only U.S. manufacturer of firearms and ammunition products. It distributes its products throughout the U.S. and in 55 foreign countries. Remington also is the only U.S. manufacturer of firearms and ammunition for hunting, law enforcement/security, and the government and military sectors.
Back in April, a deal was finalized in which Remington was acquired by Cerberus Capital Management LP for $372 million that included current and future debt. Cerberus is a worldwide player in the investment and turnaround game, and the move was seen as a good one for Remington.
In the last eight months, other acquisitions by Cerberus have included Bushmaster, DPMS and Cobb Manufacturing. That leaves no doubt about a hard move into the AR-platform arena, evidenced by Remington's introduction of an incredibly cool camouflaged R-15 VTR repeating rifle currently chambered for .223 and .204 with predators in mind.
I can guarantee you we have not seen the end of the acquisitions by Cerberus and Remington, either. Word is Remington is looking to get into the handgun market, so look for at least one more purchase that will make you sit up and take notice.
Marlin's popular lever action rifles are well-known for their durability, reliability and have served hunters for decades. The single shot H&R and NEF rifles and shotguns also are among the nation's most revered for the simplicity, with many hunters cutting their teeth on as youngsters.
"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," said Marlin chairman Frank Kenna III. "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.
"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."
Remington, Marlin to join forces
Posted by Alan Clemons December 27, 2007 11:15 AM
Remington Arms has announced its plans to purchase Marlin Firearms, yet another move to bolster "Big Green" in the firearms and ammunition marketplace.
The deal was announced via press release Thursday morning and is expected to close by the end of January. No financial terms were disclosed.
That timeframe will give Remington and Marlin time to make a blowout announcement at the annual Shooting Hunting and Outdoor Trade Show in Las Vegas the first week of February. That's the biggest and most important outdoors-related show in the country, and maybe the world.
Marlin is located in North Haven, Conn., and was founded in 1870. Under its umbrella are well-known brands including Harrington and Richardson, New England Firearms and LC Smith rifles and shotguns.
"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," said Tommy Millner, Remington's CEO. "The opportunity to combine two historic U.S. based companies with such storied and proud histories, is 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."
Remington was founded in 1816 in New York and is the only U.S. manufacturer of firearms and ammunition products. It distributes its products throughout the U.S. and in 55 foreign countries. Remington also is the only U.S. manufacturer of firearms and ammunition for hunting, law enforcement/security, and the government and military sectors.
Back in April, a deal was finalized in which Remington was acquired by Cerberus Capital Management LP for $372 million that included current and future debt. Cerberus is a worldwide player in the investment and turnaround game, and the move was seen as a good one for Remington.
In the last eight months, other acquisitions by Cerberus have included Bushmaster, DPMS and Cobb Manufacturing. That leaves no doubt about a hard move into the AR-platform arena, evidenced by Remington's introduction of an incredibly cool camouflaged R-15 VTR repeating rifle currently chambered for .223 and .204 with predators in mind.
I can guarantee you we have not seen the end of the acquisitions by Cerberus and Remington, either. Word is Remington is looking to get into the handgun market, so look for at least one more purchase that will make you sit up and take notice.
Marlin's popular lever action rifles are well-known for their durability, reliability and have served hunters for decades. The single shot H&R and NEF rifles and shotguns also are among the nation's most revered for the simplicity, with many hunters cutting their teeth on as youngsters.
"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," said Marlin chairman Frank Kenna III. "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.
"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."
