Vista Outdoor logo.
ANOKA, Minn. (Reuters) — Minnesota-based ammunition maker Vista Outdoor Inc said on Thursday it plans to spin off its outdoor products business, which makes products including Bell helmets and CamelBak water bottles, into a separate publicly traded company.
Following the spin off, the company’s outdoor products segment – known for brands such as hunting bike label Quietkat – will be led by Vista Chief Executive Chris Metz. The new company will be headquartered in Bozeman, Montana.
Jason Vanderbrink, president of the company’s ammunition business, will be appointed chief executive of Vista. The business, which carries brands including Remington and Estate Cartridge, will remain headquartered in Anoka, Minnesota.
The tax-free separation is expected to be completed in 2023, Vista Outdoor said, adding the divisions would be renamed at a later date.
Separately, Vista also reported a 36% jump in sales for the three months ended March 31, and posted an adjusted profit of $2.04 per share.
The company also added it expects sales to be between $3.15 billion and $3.25 billion in fiscal 2023, up 5% from a year earlier, and set an adjusted earnings target in the range of $7.00 to $7.75 per share.
Reporting by Shubhendu Deshmukh and Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri
