Print Article
Subscribe to NewsfeedSimplicity Manufacturing Acquires Snapper
Port Washington, Wis., (October 23, 2002) — Simplicity Manufacturing, Inc., announced today it has entered into an agreement to purchase the assets of Snapper, Inc., a Georgia-based manufacturer of lawn and garden equipment for both the residential and commercial markets.
The agreement calls for Simplicity to acquire Snapper from its parent company, Metromedia International Group, Inc., (AMEX:MMG). Simplicity will acquire substantially all of the assets of Snapper and assume certain liabilities. The acquisition of Snapper will allow Simplicity to double its size in terms of sales and number of employees. The acquisition is subject to the satisfaction of certain conditions and is expected to close in thirty days.
"The acquisition of Snapper fits well into our strategy of offering premium quality residential and commercial lawn and garden equipment exclusively through independent dealers," says Jim Wier, president and CEO of Simplicity. "Simplicity is recognized as The Dealer Line© because of its long, unwavering commitment to the independent dealer. The fit between our two companies in terms of product mix and distribution will allow us to bring more high quality products to a greater number of customers globally," he says.
"Simplicity produces the best lawn and garden tractors in the world and Snapper is the most recognized brand of walk-behind mowers and rear engine riders anywhere," Wier says. "A combined dealer network of over 5500 dealers will allow us to serve customers nationwide." Simplicity has its strongest distribution in the Midwest and Northeast, while Snapper has a strong market presence in the South and Southeast.
In the past three years, Simplicity has acquired Ferris Industries, a leading manufacturer of commercial mowers, and Giant-Vac, Inc., a leading supplier of leaf and debris management equipment. These companies have firmly established Simplicity in the commercial lawn & garden market, and furthered Simplicity's commitment to the independent power equipment dealer. Snapper's line of commercial equipment and utility vehicles increases Simplicity's product offering to this growing commercial market.
"Snapper will operate as a stand-alone company similar to Ferris and Giant-Vac," says Wier, who will serve as the chief executive officer of all companies. "We plan to further enhance the Snapper brand with new products and promotions," he says. "Most importantly, we plan to renew Snapper's commitment as part of The Dealer Line©, taking full advantage of the retail strength of our 7500 dealers around the world," he says.
"Jim Wier will lead the management group at Snapper, working closely with Shane Sumners, who will be its president and chief operating officer," says Troy Blewett, manager of corporate communications for Simplicity. "While the two companies are equal in size, the corporate headquarters will remain in Port Washington, Wisconsin," he says.
"This is a 'win-win' situation, as Simplicity plans to invest in the business and grow Snapper," says Sumners. "Snapper products will continue to be manufactured in McDonough, Ga.," he adds.
Simplicity Manufacturing, Inc., headquartered in Port Washington, Wis., has been a leader in the outdoor power equipment industry for the past 81 years. The Company is engaged in the manufacture of riding mowers, lawn tractors, yard and garden tractors, chipper shredders, tillers, field & brush mowers and snowthrowers. Through its companies Ferris Industries, Inc., and Giant-Vac, Inc., Simplicity Manufacturing also produces a complete line of commercial mowers and leaf and debris management equipment designed for use by homeowners and commercial customers. All products are distributed through a worldwide network of independent dealers and distributors.
Additional information about Simplicity products is available at the Company's Website at www.simplicitymfg.com. Visit www.ferrisindustries.com and www.giant-vac.com for information about their products.
Snapper traces its roots back to 1894 as Southern Saw Works. Snapper introduced the industry's first self-propelled rotary mower in 1951 and was an innovator of the rear engine riding mower. Today, Snapper manufactures premium lawn care and snow removal equipment for both residential and commercial customers including walk-behind mowers, rear engine riders, tractors, zero turn riders, commercial mowers, snowthrowing equipment, tillers, utility vehicles, generators and pressure washers. For more information about Snapper products, visit the Snapper Website at www.snapper.com.
For More Information, Contact:
Troy Blewett
Manager, Corporate Communications
(262) 284-8706
tmb@smimail.com