Just reprinting a press release...
Savage Sports Corporation, with corporate offices in Westfield Massachusetts and BowTech, located in Eugene, Oregon are pleased to announce the completion of a landmark agreement whereby Savage acquired BowTech so that the combined resources and strength of the two well-established industry leaders can be concentrated to become a major force for growth within the shooting/hunting/outdoor industry. BowTech's family of brands will continue to be promoted and marketed independently as a wholly owned subsidiary of Savage Sports Corp.
"We are impressed with BowTech's vision and astonishing success in the archery industry and are thrilled to have them as part of the Savage family. We are looking forward to having the employees from BowTech and its sister divisions join us," stated Ron Coburn, Chairman and CEO of Savage Sports. "Their growth record and solid values are a great fit with our existing business and management culture."
Eugene, Oregon will remain BowTech's headquarters and the existing management team will continue to guide the business as it has since inception. "We recognize that BowTech has a very successful business plan in place and we intend on keeping the winning formula intact" added Coburn.
Announcing the agreement, President, CEO and Founder of BowTech, John Strasheim stated, "This is an exciting time for BowTech; our incredible growth, the launch of our new 2008 lineup, coupled with the many opportunities created by this strong partnership with Savage, who knows where BowTech will venture next - the possibilities are endless." In addition to his other duties, Strasheim will serve on the Savage board.
Savage Sports Corporation is a privately held company and consists of 3 (Savage) divisions:
Savage Arms is a leading manufacturer of center-fire rifles, located in Westfield, MA, while Savage (Canada) manufactures rim-fire rifles in Lakefield, Ontario, Canada.
Savage Range Systems/PortaTarget, also based in Westfield MA, manufactures patented shooting ranges, target systems and shoot houses.
Other corporate brand names include:
Stevens, manufacturer of center-fire and rim-fire rifles and shotguns for the budget-conscious consumer.
Fox, a high quality brand of American-made shotguns.
Savage is the largest rifle manufacturer in the US.
BowTech, the largest bow company in the world, manufactures and distributes the industries finest compound bows and archery equipment. Founded in 1999, BowTech's corporate offices and manufacturing facilities are located on the outskirts of Eugene, Oregon. BowTech divisions include BowTech and Diamond Archery, Stryker Crossbows and WaterDog Surface Technologies with a worldwide dealer and distributor network.