SALT LAKE CITY (Aug. 9, 2007) â€“ Jarden Corporation announced today that it has successfully completed its acquisition of K2 Inc., a transaction valued at $1.2 billion, including the assumption and repayment of indebtedness.
The combination with K2 strengthens Jarden's Outdoor Solutions segment through the addition of brands such as K2Â®, MarmotÂ®, PennÂ®, RawlingsÂ®, ShakespeareÂ®, VolklÂ® and WorthÂ®.
Commenting on the transaction, Martin E. Franklin, Chairman and CEO of Jarden, said, â€œWe are extremely pleased to announce the completion of our acquisition of K2. This accretive transaction represents the continuation of our strategy to create shareholder value by building our portfolio of diversified, market-leading, niche consumer product brands through acquisitions and organic growth.
Adding K2's broad range of well-known brands to our already diverse portfolio creates cross-selling opportunities both domestically and internationally, expands our presence in specialty channels, and offers both future revenue and cost synergy opportunities,â€ Franklin said. â€œIn addition, adding K2 has the effect of flattening Jarden's working capital cycle, as the first quarter has historically been Jarden's highest cash flow use quarter and K2's strongest cash flow quarter.
â€œFinally, I would like to welcome all of K2's employees to the Jarden family and look forward to working with them to maximize the opportunities this transaction will bring to Jarden.â€
According to Gary A. Kiedaisch, President of Jarden's Outdoor Solutions segment and CEO of The Coleman Company, Inc., the acquisition will provide synergies in a number of important product areas.
â€œFrom an operational standpoint, this acquisition will strengthen our offering to all channels of distribution in the outdoor category,â€ Kiedaisch said. â€œJarden will benefit from a broader offering in the fishing and the marine channels, as the K2 fishing brands of ShakespeareÂ®, PennÂ®, PfluegerÂ®, Ugly StikÂ®, All StarÂ® and XTOOLSÂ® will complement Pure Fishing's brands and position Jarden Outdoor Solutions as one of the world's leading suppliers of quality fishing gear. That fact will not be lost on our entire dealer network. Everyone from the elite stores, through specialty sporting goods stores, to the big box stores will appreciate and benefit from this expanded brand offering.â€
A transition team â€“ led by James E. Lillie, President and COO of Jarden Corporation and Gary Kiedaisch â€“ is in place to ensure smooth transition of the K2 companies into Jarden Outdoor Solutions.
The Coleman Company, Inc. is an international leader in the innovation and marketing of outdoor products, including its legendary lanterns, as well as stoves, tents, sleeping bags, backpacks, coolers, furniture and grills. Its products are sold and used all over the world. Coleman embraces its leadership role as an advocate for the outdoors, contributing to outdoor causes and inspiring people to get outside. Founded in 1900 and based in Wichita, Kan., Coleman is a wholly owned subsidiary of Jarden Corporation, and can be found online at www.coleman.com. Consumers can contact Coleman by phone at 800-835-3278 or by e-mail at email@example.com.
ColemanÂ® is a registered trademark of The Coleman Company, Inc.
Jarden Corporation is a leading provider of niche consumer products used in and around the home. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: BallÂ®, BeeÂ®, BicycleÂ®, CrawfordÂ®, DiamondÂ®, DiconÂ®, First AlertÂ®, ForsterÂ®, HoyleÂ®, JavaLogÂ®, KerrÂ®, LehighÂ®, Leslie-LockeÂ®, Loew-CornellÂ® and Pine MountainÂ®; Consumer Solutions: BionaireÂ®, Crock-PotÂ®, FoodSaverÂ®, HarmonyÂ®, Health o meterÂ®, HolmesÂ®, Mr. CoffeeÂ®, OsterÂ®, PattonÂ®, RivalÂ®, Seal-a-MealÂ®, SunbeamÂ®, VillaWareÂ® and White Mountainâ„¢; and Outdoor Solutions: Abu GarciaÂ®, BerkleyÂ®, CampingazÂ®, ColemanÂ®, FenwickÂ®, GulpÂ®, JTÂ®, K2Â®, MarkerÂ®, MarmotÂ®, MitchellÂ®, PennÂ®, RawlingsÂ®, ShakespeareÂ®, SevylorÂ®, StearnsÂ®, StrenÂ®, TrileneÂ®, and VolklÂ®. Headquartered in Rye, N.Y., Jarden has over 25,000 employees worldwide. For more information, please visit www.jarden.com.