Ammunition maker Olin Corp OLN has signed an agreement to acquire the assets of White Flyer Targets, LLC, a maker of recreational trap, skeet, and sporting clay targets. The financial details of the transaction were not disclosed.
Following the acquisition, White Flyer will be combined with the Winchester Ammunition business.
The acquisition includes White Flyer's five manufacturing facilities in Coal Township, Pennsylvania; Dalton, Georgia; Webb City, Missouri; Knox, Indiana; and, San Bernardino, California.
The transaction is not expected to require any premerger filings and is expected to be completed in the fourth quarter of 2023.
Olin plans to fund the transaction with cash on hand and anticipates it would be immediately accretive to its shareholders.
"This acquisition offers the unique opportunity to provide comprehensive ammunition and clay target solutions for the thousands of shooting ranges across America," said Brett Flaugher, president of Winchester Ammunition.
Olin held $161.1 million in cash and equivalents as of June 30, 2023.
Price Action: OLN shares are trading higher by 0.70% at $56.72 on the last check Wednesday.
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