ATK, headquartered in Arlington, VA, announced in mid-May that it has entered into an agreement to acquire Caliber Company, the parent company of Savage Sports Corporation, subject to regulatory approvals and customary closing conditions by the end of June.
Savage is one of the world’s largest manufacturers of hunting rifles and shotguns, delivering innovative products for more than 100 years. The acquisition would expand ATK’s portfolio offering by adding long guns to its leading brands in commercial and security ammunition, shooting sports and security-related accessories.
The ATK announcement said that under the terms of the transaction, ATK will pay $315 million in cash, subject to a customary working capital adjustment.
“The acquisition will complement ATK’s growing portfolio of leading consumer brands,” said Mark DeYoung, ATK president and CEO. “This opportunity will allow us to build upon our offerings with Savage’s prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship.
Savage’s sales distribution channels, new product development, and sophistication in manufacturing will significantly increase our presence with a highly relevant product offering to distributors, retailers and consumers.” Operating under the brand names of Savage Arms, Stevens, and Savage Range Systems, the company designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. The company was organized in 1894 by Arthur Savage and has expanded into market-leading positions. Savage is located in Westfield, MA, and Lakefield, Ontario, Canada, and employs approximately 600 skilled employees.
ATK will integrate Savage within its Sporting Group business, which includes such brands as Federal Premium, CCI, Fusion, Speer, Estate Cartridge and Blazer, as well as BLACKHAWK!, Alliant Power, RCBS, Champion targets, Gunslick Pro and Outers gun-care products, and Weaver optics and mounting systems.
ATK is an aerospace, defense, and commercial products company with approximately 15,000 employees and operations in 21 states, Puerto Rico, and internationally.
Found in the June, 2013 edition of the The Gun Mag
