New Colt Holding Corp. in Heads of Agreement With Giat Industries S.A. to Acquire Herstal S.A.
PARIS Paris, in Greek mythology
Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. , July 10 /PRNewswire/ -- New Colt Holding Corporation, the parent of Colt's Manufacturing Company, is pleased to announce that it has reached a Heads of Agreement Heads of Agreement
A non-binding document outlining the main issues relevant to a tentative partnership agreement.
It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. to purchase Giat Industries' 92% interest in Herstal S.A. of Belgium as an initial step in the potential acquisition of 100% of the Group. Colt's, a worldwide leading manufacturer of military and commercial firearms, considers the potential transaction as a significant strategic addition of complementary companies. The transaction is subject to negotiations with the Walloon Region based on an industrial plan which is expected to be completed in September, customary approvals from the shareholders, regulatory and governmental authorities in the United States and Europe, and completion of an agreement to purchase. Terms were not discussed.
"The acquisition of Herstal would represent an important step in creating the premier small arms manufacturer to the armed forces of the world and to unite four important worldwide brands: Colt, FN Herstal, Winchester and Browning," stated Colt's Chairman, Donald Zilkha.
Giat Industries' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Jacques Loppion said, "I am delighted that we have been able, along with Mr. Zilkha, to provide the Walloon Region and other stakeholders a constructive solution which could contemplate a positive future for the Herstal Group if the transaction is successful."
Colt's is a world renowned firearm manufacturer. Founded in 1836 by Samuel Colt in Hartford, Connecticut, Colt's manufactures pistols, revolvers and rifles for domestic and international markets. Colt's targets the premium segment in each of its product categories and enjoys high brand recognition in various markets. Colt's is the leading supplier of military assault rifles to governments throughout the world.
Colt's was purchased in September 1994 by a group of investors led by Zilkha & Company, a merchant banking and investment company.
Giat Industries, based in France, is the European leader in land defense equipment and manufactures armored vehicles, artillery, arms and ammunition. The Herstal Group, founded in 1889 in Liege, is a world leader in military small caliber weapons with FN Herstal, and in hunting and target shooting weapons with Browning and Winchester.
SOURCE Colt's Manufacturing Company, Inc.
/CONTACT: Caroline Sizer, Freebairn & Co., 404-237-9945/
CO: Colt's Manufacturing Company, Inc; Giat Industries S.A.; Herstal S.A. ST: Connecticut IN: SU: TNM TNM tumor-nodes-metastasis; see under staging.
tumor, nodes and metastases; a system of cancer staging (see TNM staging).
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