Jarden Completes Acquisition
of American Household, Inc.
News Center - Jarden wholly-owned subsidiaries Coleman
and Sunbeam brands will help broaden and diversify the consumer products
company
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Insider News - January 26, 2005 - Jobwerx News - Jarden
Corporation has completed the acquisition of American Household, Inc.,
the parent company of The Coleman Company, Inc.. Under the terms of
the agreement, originally announced on September 20, 2004, the purchase
price consisted of $745.6 million in cash for the equity and the repayment
of approximately $100 million of indebtedness.
Coleman manufactures and distributes products for camping, backpacking,
tailgating, backyard grilling and other outdoor leisure-time activities.
Targeting the outdoor products market, Coleman is a market leader in
each of its core categories, including camping lanterns, coolers, and
camping stoves.
Coleman products can be found at outdoor retailers, sporting goods stores,
mass merchants, hardware home centers, food and drug stores, and online
retailers.
The existing infrastructure at Jarden will broaden and diversify product
offerings, will drive operational efficiencies, expand sales channels,
and provide important cross selling opportunities for domestic and international
growth.
Gary A. Kiedaisch has been named President of The Coleman Company, Inc..
Mr. Kiedaisch, 58, brings a 25-year track record of developing and growing
complex international consumer products companies specializing in sports
and outdoor recreation. Most recently, Mr. Kiedaisch was the Chairman,
CEO and President for Nike's subsidiary, Bauer Nike Hockey, Inc. Prior
to his tenure with Nike, he served as President and CEO of Bolle Inc.,
a publicly owned premium sports eyewear brand and also served as President
and CEO of Stowe Mountain Resort, a division of American International
Group.
Jarden operates through four business segments: Branded Consumables,
Consumer Solutions, Outdoor Solutions and Other. Headquartered in Rye,
NY, Jarden has over 9,000 employees worldwide. The addition to the Jarden
family will include the employees of these businesses.
In North America, Jarden is the market leader in several targeted consumer
categories, including home canning, home vacuum packaging, kitchen matches,
plastic cutlery, playing cards, rope, cord and twine and toothpicks.
Jarden also manufactures zinc strip and a wide array of plastic products
for third party consumer product and medical companies, as well as its
own businesses.
Sunbeam Products, Inc. is a leading global consumer products company
that designs, manufactures, and markets a diverse portfolio of consumer
products under such world-class brands as Sunbeam®, Oster®, Mr. Coffee®,
and Health o meter®.
In connection with the acquisition, Warburg Pincus will invest $350
million in Jarden and the firm’s Co-President, Charles R. Kaye, will
join the Jarden board of directors. Warburg Pincus is an experienced
partner to entrepreneurs seeking to create and build durable companies
with sustainable value. The firm has an active portfolio of about 125
companies.
WEB CAST:
Jarden Corporation will be hosting a web cast on February 1, 2005 at
11:00 a.m.(EST) to discuss its addition of the Sunbeam and Coleman businesses
and its implementation of this integration strategy. Investors may access
the web cast at jarden.com, and it will be archived until February 28,
2005.
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Jarden Corporation (NYSE: JAH), Warburg Pincus, Sunbeam and Coleman
