Armor Holdings Completes Acquisition of Second Chance Body Armor
JACKSONVILLE, Fla. - Armor Holdings, Inc. (NYSE: AH), a leading manufacturer and distributor of security products and vehicle armor systems serving military, law enforcement, homeland security and commercial markets, announced today that it has completed its previously announced acquisition of substantially all of the domestic assets of Second Chance Body Armor, Inc. (“Second Chance”). Founded in 1970, Second Chance manufactures concealable and tactical body armor for the law enforcement and military markets worldwide. The acquired assets will be integrated into Armor Holdings’ Products Division and are expected to be meaningfully accretive to Armor Holdings earnings per share in 2006.
Scott O'Brien, President of the Armor Holdings Products Division, commented, "We are delighted to welcome Second Chance to the Armor Holdings team, and we believe this transaction creates a fresh start for Second Chance. We expect the purchase to allow Second Chance to move beyond the recent issues that have clouded its reputation in the market. With this new beginning, we intend to invest in the Second Chance brand, to restore its reputation, renew its presence on the U.S. military’s Outer Tactical Vest program and expand its distribution internationally.”
Armor Holdings paid $45 million in cash for substantially all of the assets of Second Chance, including substantially all intellectual property, free and clear of all liens, claims and encumbrances, and assumed certain trade liabilities. The acquisition specifically excluded any Zylon® or Zylon® related assets and all outstanding claims related to Zylon®, including those related to Ultima, Ultimax, and Triflex model vests. The United States Bankruptcy Court, Western District of Michigan, confirmed the transaction on Wednesday, July 27, 2005.
Robert R. Schiller, President of Armor Holdings, Inc., added, “The fact that Second Chance is still operating in spite of what it has been through during the last several years, is a credit to the quality of its brand. By restoring Second Chance’s financial position, we hope to provide a much needed boost to the Company’s employees, suppliers and customers, primarily those law enforcement officers who have been such loyal supporters of the Second Chance brand for many years.”
About Armor Holdings, Inc.
Armor Holdings, Inc. (NYSE:AH) is a diversified manufacturer of branded products for the military, law enforcement, and personnel safety markets. Additional information can be found at www.armorholdings.com.