New Colt Holding Corp. in Heads of Agreement With Giat Industries S.A. to Acquire Herstal S.A.
"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, 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
RB -- ATTH024 -- 6885 07/10/97 15:32 EDT http://www.prnewswire.com
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|Date:||Jul 10, 1997|
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