Riflemaker acquires BowTech.Byline: Tim Christie The Register-Guard BowTech, a Eugene maker of bows and other archery archery, sport of shooting with bow and arrow, an important military and hunting skill before the introduction of gunpowder. England's Charles II fostered archery as sport, establishing in 1673 the world's oldest continuous archery tournament, the Ancient Scorton equipment, has been acquired by Savage Sports Corp., a Massachusetts riflemaker. No purchase price was disclosed; both companies are privately held. BowTech, founded in 1999, has 365 employees. BowTech Marketing Director Margaret Knupp said the deal is not expected to lead to job losses at BowTech, and in fact will enable the company to continue its recent growth trend. BowTech will remain based in Eugene and its management team will remain intact. It will be a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Savage Sports. Savage 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. Ron Coburn said in a statement, "We are impressed with BowTech's vision and astonishing a·ston·ish tr.v. as·ton·ished, as·ton·ish·ing, as·ton·ish·es To fill with sudden wonder or amazement. See Synonyms at surprise. success in the archery industry and are thrilled to have them as part of the Savage family. ... Their growth record and solid values are a great fit with our existing business and management culture." BowTech CEO John Strasheim will serve on the Savage board. BowTech is the largest bow company in the world. It manufactures and distributes compound bows A compound bow is a modern bow that uses a levering system of cables and usually cams and pulleys to draw the limbs back. The limbs of a compound bow are usually much stiffer than those of a recurve bow or longbow. and archery equipment. Its divisions include BowTech and Diamond Archery, Stryker Crossbows and WaterDog Surface Technologies. Strasheim and bow designer Kevin Strother and a few investors founded the company in 1999. The company has seen strong growth in recent years and hires new employees weekly, Knupp said. After spending $2.5 million in 2005 on an expansion project, the business occupies 75,000 square feet at its main plant on Highway 99. BowTech has a 40,000-square-foot facility in Veneta and recently leased an 8,000-square-foot building on Bethel Bethel, in the Bible Bethel (bĕth`əl) [Heb.,=house of God]. 1 Ancient city of central Palestine, the modern Baytin, the West Bank, N of Jerusalem. Road. While the archery industry is stagnant, BowTech has managed to thrive because of its technological advances and its aggressive marketing, Knupp said. "Frankly at this point, we're just increasing our market share," she said. Savage Sports operates three divisions: Savage Arms The Savage Arms Company is a firearms manufacturing company based in New York. The company makes a variety of rimfire and centerfire rifles, as well as marketing the Stevens single-shot rifles and shotguns. makes center-fire rifles; Save (Canada) makes rim-fire rifles; and Savage Range Systems/PortaTarget makes shooting ranges, target systems and shoot houses. |
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