RYE, NY (BRAIN)--Jarden Corporation has signed a merger agreement under which Jarden will acquire K2 for $1.2 billion in a stock and cash deal.
“Adding K2's broad portfolio of leading brands to our portfolio would create cross selling opportunities both domestically and internationally, would expand our presence in specialty channels and would create additional scale to leverage in our supply chain, distribution, manufacturing and sourcing networks," said Martin Franklin, Jarden's chairman and chief executive officer.
In addition to houseware brands including Bionaire, Crock- Pot, Health o meter, First Alert, Mr. Coffee, Oster, Rival and Sunbeam, Jarden controls outdoor brands Abu Garcia, Berkley, Campingaz, Coleman, Fenwick, Mitchell, Stren and Trilene.
"We believe that Jarden is the perfect strategic partner for us. Combining our world-renowned brands with Jarden's scale and innovative resources should bring tremendous value to our employees, retail partners and customers," said Richard Heckmann, K2's executive chairman of the board.
The board of directors for both companies have unanimously approved the transaction, which is expected to close during the third quarter of 2007, subject to Hart-Scott-Rodino approval, the approval of K2's stockholders and other customary closing conditions.
