ATK said it has entered into an agreement to acquire Caliber Co., the parent company of Savage Sports Corp., one of the world’s largest manufacturers of hunting rifles and shotguns.
The purchase would expand ATK’s portfolio of munitions-related operations of commercial and security ammunition. The transaction is subject to regulatory approvals and conditions, with closing anticipated by the end of June.
Under the terms of the transaction, ATK will pay $315 million in cash, which it will finance with cash on hand and funds available under its existing credit facility.
Savage Sports, operating under the brand names of Savage Arms, Stevens, and Savage Range Systems, designs, manufactures and markets center-fire and rim-fire rifles, shotguns and shooting range systems used for hunting, as well as for competitive and recreational target shooting. The company was organized in 1894 by Arthur Savage and is based in Westfield, Mass. and Lakefield, Ontario, and employs approximately 600 employees.
ATK is an aerospace, defense, and commercial products company with approximately 15,000 employees and operations in 21 states, including Utah, and internationally.