Orvis to Acquire the Scientific Anglers and Ross Reels Businesses from 3M
Manchester, VT (May 1, 2013) — The Orvis Company, Inc. of Manchester, Vermont today announced it has entered into a definitive agreement to acquire the Scientific Anglers and Ross Reels businesses from 3M (NYSE:MMM). Upon completion of the transaction, Orvis plans to continue to operate the Midland, MI based business independently under the Scientific Anglers brand. Ross Reels will also continue to operate independently under its brand name from its Montrose, CO headquarters. The transaction is expected to be completed in the second quarter. Terms of the transaction were not disclosed.
"We think both businesses have incredible opportunities to drive fly-fishing innovation well into the future," said David Perkins, Orvis Executive Vice Chairman. "Jim Lepage will move to Midland and from there he will be dedicated to running both S.A. and Ross. He and the excellent teams already in place will build these strong brands for the future. Neither consumers nor the trade will likely notice much of a difference in the branding of these businesses under Orvis ownership. What they will notice is renewed marketing energy, well-supported sales and service staff and an even higher level of new product innovation."