PolyOne Forms Outdoor High Performance Solutions Team
PolyOne Corporation, a leading provider of specialized polymer materials and services for a variety of industries, has announced the formation of a dedicated team to build on recent successes and drive performance in the firearms industry. According to PolyOne, this decision was fueled by the increasing demand for “innovative polymer solutions” in the outdoor sporting and tactical equipment market.
PolyOne has worked behind the scenes with several industry manufacturers, including PolyCase Ammunition and TenPoint. With this formal announcement, PolyOne will be bringing considerable resources in collaborating with others in the industry — its 2014 revenues totaled $3.8 billion.
“This industry is characterized by its passionate, loyal and performance-minded consumers,” said Robert Patterson, PolyOne president and CEO. “We are further investing in this dynamic industry to accelerate growth and product development, and to help manufacturers meet the needs of these consumers.”
The Outdoor High Performance Solutions Team will focus on improvements, such as light-weighting and metal replacement, sound and vibration dampening, non-lead alternatives, ergonomics and aesthetics. This team will be led by Michael Bradley, PolyOne general manager (see pg. 22).
“Being able to innovate and collaborate with customers in an industry I know and love is a dream come true, and the opportunities for improving product performance are endless,” Bradley said. “Our suite of polymer solutions and value-added services are a perfect match to deliver on the demands of this high performance market.”
“Mike’s unique combination of law enforcement experience and customer service in the polymer industry make him uniquely qualified to lead PolyOne’s Outdoor High Performance team,” Patterson added.
According to PolyOne, this new team plans to dedicate its focused resources in identifying growth opportunities through its collaborative approach to innovation, formulation expertise and a broad portfolio of polymer solutions and value-added services.
Colt Emerges From Chapter 11 Bankruptcy
In mid-December, Colt Defense LLC announced the U.S. Bankruptcy Court for the District of Delaware had confirmed the company’s Second Amended Joint Plan of Reorganization, which received unanimous support from its stakeholders. The Plan will significantly restructure and reduce Colt’s debt, improve its capital structure and enhance its liquidity profile. Colt will also have a new lease for its West Hartford facility and the plan reaffirmed Colt’s strong relationship with the United Auto Workers Union (UAW).
“Today we achieved the last important milestone on Colt’s path to emerging from Chapter 11 as a stronger and more competitive company,” said Dennis Veilleux, president and CEO of Colt Defense. “We greatly appreciate the dedication and support of our extraordinary employees during this process, as well as the support we received from our financial stakeholders, Sciens Capital and our customers and vendors.”
This Plan finalizes a global settlement of all outstanding issues in the cases, achieved through a consensus of Colt’s key stakeholders, including a coalition of Colt’s secured lenders — Morgan Stanley as the lender under Colt’s pre-petition and post-petition secured term loan facilities, the official committee of unsecured creditors in Colt’s bankruptcy cases, Sciens Capital Management and the landlord at Colt’s West Hartford facility. In conjunction with this announcement, Colt said it had also reached an agreement with the UAW to resolve issues relating to retiree medical benefits.
“This is a good day for Colt and also the hard-working Union members that stayed the course throughout this entire reorganization process,” said Mike Holmes, UAW Local 376 Shop Chair. “Together, we have succeeded in maintaining our contract and securing good jobs with a continued presence in West Hartford.”
“We’re proud of our workforce and the dedication they have given Colt during this difficult restructuring process. We’re confident in our future, in large part, because of the solid foundation we have with the Union and world-class craftsmanship and skills of our Union employees,” Veilleux added.
Perella Weinberg Partners L.P. is acting as Colt’s financial advisor, Mackinac Partners LLC is acting as its restructuring advisor and O’Melveny & Myers LLP is providing legal counsel.
Last month, Colt announced it had successfully emerged from bankruptcy.
Leupold Supports HAVA, MECOP
In honor of its more than 50 veteran employees, Leupold & Stevens Inc. has once again donated $10,000 to Honored American Veterans Afield (HAVA). The gift corresponded with the company’s annual Veteran’s Day celebration held at the Leupold factory in Beaverton, Ore.
Conceived and organized in 2007 by a committee of shooting sports industry executives, HAVA exists to help the healing and re-integration of disabled veterans and injured active military men and women back into normal life through participation in outdoor events.
“We are proud of the service and commitment our veteran team members have shown to our country. In honor of their contributions
to our freedoms, we are donating to HAVA to help other U.S. servicemen and women,” said Bruce Pettet, president and CEO of Leupold & Stevens.
Additionally, Leupold & Stevens has created a scholarship fund for the Oregon Multiple Engineering Co-Op Program (MECOP) to support the next generation of innovators.
The scholarship will be given to two MECOP students who meet standards of academic excellence, are a junior or senior, are Oregon residents and have a proven passion for the outdoors.
The MECOP is a partnership between Oregon State University, Oregon Institute of Technology, Portland State University and the University of Portland. This combined effort provides engineering students with a real-life working laboratory in which to gain hands-on experience. Students earn five-year degrees through the program.
“Leupold & Stevens is committed to American manufacturing, product innovation and true craftsmanship,” Pettet said. “As such, we’re proud supporters of the MECOP program, and the next generation of engineers and designers that it helps produce.”
Leupold & Stevens has been a partner with MECOP since 1992.