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CLAYTON, DUBILIER & RICE COMPLETES PURCHASE OF REMINGTON ARMS COMPANY FROM DUPONT

 NEW YORK, Dec. 1 /PRNewswire/ -- Clayton, Dubilier & Rice, Inc. (CD&R) announced today that a company formed by CD&R has acquired substantially all of the assets of the Remington Arms sporting goods business for approximately $300 million.
 The purchase includes manufacturing facilities in Ilion, N.Y.; Lonoke, Ark.; Findlay, Ohio and Ada, Okla.; and includes a marketing agreement for the fishing line business. The company has 2,200 employees.
 Commenting on the transaction, Hubbard C. Howe, the CD&R principal who will serve as Remington's new Chairman and CEO, said, "We are very excited about the prospects for growth we see at Remington. The company is a leader in all of its major product lines. It has a strong brand name among sporting enthusiasts around the world and a family of well- established products, a number of which are considered standards in the industry. We intend to build on those strengths, while capitalizing on the company's new product innovations and extensive distribution network."
 Founded in 1816, Remington is engaged in the design, manufacture and sale of sporting good products for hunting, shooting sports and fishing markets. The company's product lines consist of firearms, ammunition, outdoor apparel and hunting/gun accessories, sold under the Remington name and other labels, and fishing products sold under the Stren name and other labels. The company is the only domestic manufacturer of both firearms and ammunition and, according to the National Sporting Goods Association, is the largest U.S. manufacturer of shotguns and rifles as well as one of the nation's oldest continuously operating manufacturers.
 With annual revenues of approximately $370 million, Remington's products are distributed throughout the United States, primarily through wholesalers, distributors and major retail chains, and in over 55 other countries.
 A fund managed by Clayton, Dubilier & Rice will be the majority owner of the new company which will be known as the Remington Arms Company, Inc. To foster an entrepreneurial environment and a sense of shared purpose, Clayton, Dubilier & Rice encourages managers and employees to become owners. Remington managers and key employees are expected to be offered the opportunity to acquire up to 15% of the new company.
 In addition to Mr. Howe, Remington's board of directors will include Joseph L. Rice, III, president of CD&R, Richard C. Dresdale, a CD&R principle and B.R. Brown, formerly president of Remington Arms Company and currently chairman, president and chief executive officer of CONSOL, Inc.
 The transaction is the third management buyout that CD&R has orchestrated in 1993. All involved divisions of leading U.S. corporations. In February the firm sponsored the acquisition of The Van Kampen Merritt Companies, Inc., a leading manager and provider of financial services products, from Xerox Financial Services, Inc.
 Earlier today, CD&R completed the acquisition of GM's Allison Gas Turbine Division.
 CD&R manages a pool of equity capital in excess of $1 billion. Since its founding in 1978 it has invested in 19 businesses, whose total annual sales volume exceeds $10 billion.
 -0- 12/1/93
 /CONTACT: Thomas C. Franco for Clayton, Dubilier & Rice, 212-229-2222, or Mike Ricciuto of DuPont, 302-774-2883/


CO: Clayton, Dubilier & Rice, Inc.; Remington Arms ST: New York, Arkansas, Ohio, Oklahoma IN: LEI SU: TNM

LD-MP -- NY008 -- 9307 12/01/93 12:57 EST
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Publication:PR Newswire
Date:Dec 1, 1993
Words:545
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