ATK completes purchase of gun manufacturer
Defense contractor and commercial products company Alliant Tech Systems (ATK) announced Monday it has completed the acquisition of the parent company of Savage Sports Corp., one of the largest manufacturers of hunting rifles and shotguns.
ATK, which has more than 2,400 employees in Utah at three aerospace engineering plants and other operations, said it purchased the Caliber Co. for $315 million in cash, which it will finance with money on hand and funds available under its existing credit facility.
"Savage has an outstanding reputation in the hunting and shooting sports industry, and we are pleased we can now include Savage as one of ATK's highly recognized sporting brands," Mark DeYoung, ATK president and CEO, said in a statement.
"ATK is committed to delivering affordable innovation to its customers, and this acquisition offers a great opportunity to expand our world leadership in sporting and security ammunition and accessories into the long guns market," DeYoung said.
Savage Sports operates under the brand names of Savage Arms, Stevens and Savage Range Systems. The company designs, manufactures and markets center-fire and rim-fire rifles, shotguns and shooting range systems used for hunting and for competitive and recreational target shooting.
The company is based in Westfield, Mass., and Lakefield, Ontario, and employs approximately 600 employees.
ATK is an aerospace, defense and commercial products company, which includes several ammunition brands, that has operations in 21 states and worldwide.