ARMOR HOLDINGS, INC. ACQUIRES SCHROTH SAFETY PRODUCTS, LEADING SAFETY RESTRAINT SYSTEMS MANUFACTURER
Armor Holdings, a manufacturer and distributor of military vehicles, vehicle armor systems and life safety and survivability systems serving military, law enforcement, homeland security and commercial markets, announced today that it has acquired Schroth Safety Products ('Schroth'), a leading supplier of advanced safety restraints for vehicle and aviation platforms serving military, commercial and professional racing markets. The net purchase price was $28.6 million paid in cash and the acquisition is expected to be accretive to Armor Holdings' earnings per share on estimated 2007 revenue of approximately $39 million. Founded in 1946, Schroth has become a technical leader in the research, development and innovation of occupant retention and restraint systems. With facilities in Arnsberg, Germany and Pompano Beach, Florida, Schroth has established itself as a leading global supplier of restraint systems. These systems are used in military tactical wheeled vehicles, or military and commercial rotary wing and fixed wing aviation platforms, and professional auto racing vehicles for both the NASCAR and Formula 1 racing circuits. Schroth will be integrated into the Armor Holdings Aerospace & Defense Group. Robert R. Schiller, President and Chief Operating Officer of Armor Holdings, Inc., commented, 'This acquisition continues our strategy of acquiring leading safety and survivability products and systems. Combined with our crashworthy seating systems business, we expect to enhance our leadership in occupant protection systems across an increasing number of end-user platforms. Further, we hope to expand Schroth's occupant safety systems business in commercial aviation, business jet and auto racing markets. We are proud to add this strong business and well-recognized and respected brand to our family of products. Similarly, we are excited to welcome Carl Schroth and Schroth's employees to the Armor Holdings team.' Robert Mecredy, President of the Armor Holdings Aerospace & Defense Group, added, 'We hope to leverage Schroth's current position as a sole-source supplier of gunner restraints for the HMMWV and the FMTV into additional military vehicle restraint opportunities. We will also look to enhance our respective OEM aviation relationships to capture additional occupant safety programs for military and commercial airplane and Helicopter platforms. We believe that the addition of Schroth to the Armor Holding Aerospace & Defense Group will enable us to extend our commitment to protecting the lives of our men and women in uniform.' |
