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Ceremonial Handover in Hungary: Rheinmetall Takes Over Ammunition Factory in Várpalota, Hungary, After Completion

Wednesday, July 31st, 2024

On 29 July 2024, the Duesseldorf-based technology group Rheinmetall celebrated the official takeover of its new state-of-the-art 30mm ammunition factory in Várpalota, Hungary.

The ceremony took place in presence of the Hungarian Minister of Defence Kristóf Szalay-Bobrovniczky and the CEO of Rheinmetall AG, Armin Papperger.

The new production facility in Várpalota is a significant milestone in Rheinmetall’s expansion strategy. It underlines the company’s commitment in providing up-to-date technologies to support the defence capabilities of its partners. The factory is designed to produce 30mm ammunition for the KF41 Lynx infantry fighting vehicle (IFV), which will be built in Zalaegerszeg and delivered to the Hungarian armed forces. The Várpalota factory will start production in October 2024. Furthermore, ammunition for battle tanks and artillery as well as igniters will be among the products manufactured in Várpalota in a second phase. In the final expansion stage, the company site will cover a total of around 150 hectares.

In his opening speech, Armin Papperger highlighted the importance of the new factory for Rheinmetall and the site in Hungary: “The opening of this state-of-the-art ammunition factory in Várpalota is a clear signal to our commitment concerning innovation and quality. This facility will not only strengthen the defence capabilities of our global partners and in Hungary, but will also contribute to the economic development of the region.”

In his address, Hungarian Defence Minister Szalay-Bobrovniczky emphasised the strategic importance of the cooperation with Rheinmetall, and stressed the joint efforts in strengthening the national security and defence industry.

The new factory in Várpalota is equipped with the latest technology and will create more than 200 jobs in the region, making an important contribution to the local economy. The establishment of the Lynx IFV and other Lynx models also strengthens the development of the Hungarian defence industry. Rheinmetall is thus continuing its tradition of contributing to global security through technological innovation and close partnerships.

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Savage Arms Receives IHEA Industry Partner of the Year Award

Wednesday, July 31st, 2024

WESTFIELD, Massachusetts – July 30, 2024 – Savage Arms®, an iconic firearm manufacturer, has been given the Industry Partner of the Year Award by the International Hunter Education Association (IHEA). An organization dedicated to teaching hunting and shooting safety and responsibilities throughout the United States, IHEA began its partnership with Savage Arms in June of 2022.

“We are honored to receive the IHEA Industry Partner of the Year Award and remain committed to supporting hunter education initiatives across the United States,” said Beth Shimanski, Director of Marketing at Savage Arms. “As Savage continues to collaborate with IHEA and other organizations, we strive to promote safe and responsible hunting practices for generations to come.”

IHEA is the professional hunter education association affiliated with the Association of Fish and Wildlife agencies and the state fish and hunter education programs. With over 55,000 instructors, the organization works to ensure that hunter education and shooting safety is presented across the United States.

“Savage Arms is an amazing partner to not only IHEA, but hunter-ed volunteers and hunting mentors nationwide,” said Alex Baer, executive director for IHEA-USA. “The IHEA Industry Partner Award recognizes commitment to education, and Savage Arms provides this in a combination of ways including innovation to bring services to new audiences, professional consultation and financial aid. This award is nominated by members of the community and decided by a committee of hunter-education professionals.”

Through the partnership with IHEA, Savage Arms has supported tens of thousands of instructors who provide hunter education and shooting safety training nationwide. By its continued support of IHEA, Savage Arms has played a crucial role in educating new generations of hunters about firearm safety, responsible hunting and landowner relationships.

For more information about Savage Arms and its extensive line of leading firearms, visit savagearms.com.

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Vista Outdoor Board Announces Review of Strategic Alternatives

Wednesday, July 31st, 2024

Company Adjourns Special Meeting for CSG Transaction to September 13, 2024

ANOKA, Minn.– Vista Outdoor Inc. (“Vista Outdoor” or “the Company”) (NYSE: VSTO) today announced that its Board of Directors (the “Board”) has commenced a review of strategic alternatives, which includes:

• Exploration of a full range of alternatives for Revelyst, including a potential sale of Revelyst. The Czechoslovak Group a.s. (“CSG”) is also considering an acquisition of Revelyst with potential partners (in addition to its proposed acquisition of The Kinetic Group).

• Engagement with MNC Capital (“MNC”) and its private equity partner with respect to its proposal to acquire Vista Outdoor to see if it can deliver superior value for the Company’s stockholders. This follows MNC’s recent public statement on July 26, 2024 that “if there were a reason or basis to increase our offer, including Vista engaging with us and providing one, we would increase our offer price”. In light of this recent statement, the Board has determined that MNC’s proposal would reasonably be expected to lead to a superior proposal and meets the standard for engagement under the terms of the CSG merger agreement. Considering the extensive diligence conducted by MNC and its private equity partner to date, Vista Outdoor expects MNC to be able to confirm an increased proposal for the acquisition of Vista Outdoor in short order.

• Continued consideration of the separation of Revelyst and The Kinetic Group through a spin-off.

The Board remains committed to acting in the best interests of the Company and its stockholders.

“We recognize the continuing support received from many of our stockholders for the CSG transaction and the feedback from some of our stockholders with respect to other strategic alternatives,” said Mike Callahan, Chairman of the Board of Directors. “We take the views of our stockholders very seriously and believe it is prudent to evaluate all strategic alternatives. In addition to engaging with CSG and MNC and its private equity partner, we also look forward to reviewing any other strategic alternative for Vista Outdoor that would maximize value for stockholders. While we conduct this strategic review, we remain as focused as ever on delivering high-quality, innovative products for our consumers around the world.”

In light of this announcement, Vista Outdoor will adjourn the special meeting of stockholders (the “Special Meeting”) scheduled to be held at 9:00 am (Central Time) on July 30, 2024, to 9:00 am (Central Time) on September 13, 2024. The Board continues to recommend Vista Outdoor stockholders vote in favor of the proposal to adopt the merger agreement with CSG at the Special Meeting.

Morgan Stanley & Co. LLC is acting as sole financial adviser to Vista Outdoor and Cravath, Swaine & Moore LLP is acting as legal adviser to Vista Outdoor. Moelis & Company LLC is acting as sole financial adviser to the independent directors of Vista Outdoor and Gibson, Dunn & Crutcher LLP is acting as legal adviser to the independent directors of Vista Outdoor.

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Ghost Robotics Corporation and LIG Nex1 Announce Close of Acquisition

Monday, July 29th, 2024

LIG Nex1 will have a controlling stake in Ghost RoboticsPhiladelphia, PA and Seoul, South Korea – July 29, 2024 – Ghost Robotics, a leading innovator in legged robotics, and LIG Nex1, a premier South Korean defense technology company, are pleased to announce the close of a strategic partnership through LIG Nex1’s control-stake acquisition of Ghost Robotics. LIG Nex1 has acquired a 60% control-stake in Ghost Robotics for $240 million USD, valuing the company at $400 million USD.

This partnership marks a significant milestone for both companies as they combine their expertise and resources to advance the field of autonomous robotic solutions. The acquisition will enable Ghost Robotics to leverage LIG Nex1’s extensive experience and capabilities in defense technology and manufacturing to further accelerate scaling.

“We are thrilled to partner with LIG Nex1 and embark on this exciting new chapter for Ghost Robotics,” said Gavin Kenneally, PhD, Co-founder & CEO of Ghost Robotics. “Their investment and strategic guidance will accelerate our growth and enhance our ability to deliver groundbreaking robotic solutions to a wider range of industries and applications.”

LIG Nex1’s CEO, Shin IckHyun, echoed the enthusiasm, stating, “Our acquisition of a majority stake in Ghost Robotics aligns perfectly with our vision to lead the future of defense and security technology.” He added, “We expect this acquisition will serve as momentum for both companies to grow together based on our leading-edge technological capabilities and close cooperation.”

This partial acquisition will foster innovation and drive the development of next-generation robotic systems for both industrial and defense markets. By combining their strengths, Ghost Robotics and LIG Nex1 are well-positioned to lead the industry in delivering robust, versatile, and reliable robotic solutions.

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ArktisUSA Launch Update

Sunday, July 28th, 2024

UK-brand Arktis has released this statement via social media regarding the planned launch of their US subsidiary.

Looks like October folks.

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Milestone in Hungarian Infantry Fighting Vehicle Programme: Rheinmetall Hands Over First Lynx from Domestic Manufacturing

Sunday, July 28th, 2024

At a ceremony on 24 July 2024, Rheinmetall handed over the first KF41 Lynx infantry fighting vehicle (IFV) produced at the Zalaegerszeg site in Hungary to the Hungarian armed forces. On behalf of the Hungarian government, Defence Minister Kristóf Szalay-Bobrovniczky attended the handover. Dr Björn Bernhard (Head of Rheinmetall Vehicle Systems Europe) and Paul Walf (CEO Rheinmetall Hungary) welcomed the guests on behalf of Rheinmetall.

The first Lynx from Hungarian production was already completed in December 2023. Following extensive functional inspections as well as performance and quality acceptances, it has now been officially handed over to the Hungarian armed forces.

In Zalaegerszeg, Rheinmetall Group operates the world’s most modern competence centre for the production of tracked armoured vehicles, in particular the highly innovative Lynx. The factory was opened in August 2023.

Kristóf Szalay-Bobrovniczky, Defence Minister of Hungary: “I often say that peace requires strength, which means a lot of kinds of strength, and in this regard, we have gained real and serious strength with Rheinmetall and in this alliance, which significantly enriches Hungary. This is a kind of strategic partnership that is more than strategy or partnership – this is a real alliance, and within this framework, we hope to win the future for Hungarians, and we’re building something that will remain for the next generations, and we’re strengthening Hungary.”

Dr Björn Bernhard, Head of Rheinmetall Vehicle Systems Europe: “We are grateful to be able to support the Hungarian armed forces as an industrial partner in the Lynx lighthouse project. We have now reached an important milestone within the project. With the production of the Lynx, we are seriously proving our commitment in creating local added value in Hungary and transferring technology to the country. This model is also transferable to other countries which might also be interested in similar partnerships”.

In August 2020, the Hungarian Ministry of Defence commissioned the Rheinmetall Group to supply combat vehicles and associated services worth over

€2bn as part of its “Zrínyi 2026” initiative. A total of 209 Lynx KF41s are to be supplied to the Hungarian armed forces in seven variants: IFV, command post vehicle, armoured reconnaissance vehicle, fire control vehicle, mortar carrier, medical vehicle and driving school vehicle. A Lynx air defence tank with a Skyranger 30 turret is also in progress as part of another development contract, placed in December 2023.

In the first production phase, Hungary will receive 46 German-made Lynx infantry fighting vehicles by the end of 2025. The first vehicle from this series was handed over in October 2022. Production of the remaining vehicles began at the end of 2023 as part of the Rheinmetall Hungary Zrt. joint venture between Rheinmetall (51%) and the Hungarian government (49%) in Zalaegerszeg.

The state-of-the-art development and manufacturing site in Zalaegerszeg was opened on an area of approximately 33 hectares as part of the industrial complex ZALAZone in August 2023. The site also includes an extensively equipped test centre with a firing tunnel. In addition to strengthening the local economy, the factory also contributes to promoting innovation and, above all, creates around 300 highly qualified jobs. Rheinmetall plans additional investments in the site in the coming years in order to further increase production capacity. The establishment of the IFV and other variants will also strengthen the development of the Hungarian economy and defence industry.

Thanks to its modular design, the Lynx KF41 is characterised by maximum adaptability. This means that the Hungarian customer’s specific national requirements can be precisely fulfilled. The state-of-the-art infantry fighting vehicle impresses with its scalable armament, various layers of protection, upgradeable systems and the ability to take on new roles in just a few hours after being fully converted.

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HOP Munitions Fills the Gap Amid Vista Outdoor’s Uncertainty

Wednesday, July 24th, 2024

Hayesville Ohio, USA – [July 2024] – In light of recent news regarding Vista Outdoor’s ammunition division facing potential sale and shareholder uncertainties, HOP Munitions, a trusted U.S.-based ammunition manufacturer, is stepping up to provide American shooters with a reliable and high-quality alternative.

Vista Outdoor’s Market Challenges

Vista Outdoor, a leading ammunition supplier, is experiencing significant challenges that have led to concerns among shareholders and consumers. Speculation about potential sales or restructuring has introduced uncertainties in the market, prompting many shooters to seek dependable sources for their ammunition needs.

Impact on American Shooters

The instability surrounding Vista Outdoor’s future poses several risks for American shooters:

? Supply Chain Disruption: Potential changes in Vista Outdoor’s operations could lead to delays and shortages, disrupting the supply of ammunition for recreational, hunting, and self-defense purposes.

? Price Fluctuations: Restructuring or new ownership might bring price adjustments, making it difficult for shooters to plan their purchases.

HOP Munitions: A Trusted Alternative

Amid these challenges, HOP Munitions stands out as a steadfast provider of high-quality ammunition. HOP Munitions is committed to domestic production and strategic sourcing, ensuring a stable and reliable supply for American shooters.

Key Advantages of HOP Munitions:

? Consistent Supply: Despite industry-wide challenges, HOP Munitions has maintained a steady supply of ammunition through effective production management and strategic sourcing.

? High-Quality Products: HOP Munitions prides itself on producing ammunition that meets stringent quality standards, providing shooters with reliable performance for various applications.

? Domestic Production: By manufacturing ammunition within the U.S., HOP Munitions reduces dependency on foreign suppliers, offering a more secure and stable supply chain.

Navigating the Gun Powder Shortage

The ammunition industry has also faced a gun powder shortage, affecting many manufacturers. HOP Munitions has navigated this challenge by diversifying suppliers and optimizing production processes, ensuring continued supply even when others face delays.

Transparency and Communication

HOP Munitions values transparency and has kept customers informed throughout the gun powder shortage, building trust and loyalty. This commitment to clear communication further distinguishes HOP Munitions as a reliable partner for American shooters.

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Darley Names Lee J. Wise as Chief Financial Officer

Tuesday, July 23rd, 2024

ITASCA, IL – 7/22/24 – Darley announced that Lee J. Wise has been named Chief Financial Officer of Darley, effective July 22, 2024.

Mr. Wise joins Team Darley from Covetrus, where he was a Senior Vice President of North America Distribution and Category Management at Covetrus (based in Portland, Maine) where he led a $2 billion animal healthcare distribution business and previously their North American finance team. Prior to Mr. Wise’s tenure at Covetrus, he was a Vice President of Corporate Finance at Mauser Packaging Solutions, where he led the corporate finance group, overseeing FP&A, IR, strategy, treasury and corporate development. Mr. Wise’s previous roles include financial leadership positions within treasury and corporate development for Rockwell Collins, Inc., Treehouse Foods, Inc., Mead Johnson Nutrition Company, and Brunswick Corporation.

As CFO, Mr. Wise’s experience and leadership will guide Darley’s financial organization and activities including accounting and controllership, financial planning and analysis, tax, internal audit, and treasury. “I am very excited to join Team Darley. The company’s customer-centric and values-based culture, along with its strategic market positioning, holds great potential for continued growth and value creation.” said Mr. Wise.

Darley CEO Paul Darley, said, “We’ve completed an exhaustive CFO search and have found the perfect Team Darley member in Lee Wise. Lee comes to us with a strong financial, business development, strategy, and defense background. We are so excited to have him join our leadership team.”

Mr. Wise holds a Master of Science in Finance from the University of Indiana’s Kelley School of Business and a Bachelor of Arts and Business Administration in Economics from the University of Iowa. A native of Iowa, Mr. Wise now resides in Lincolnshire, Illinois, with his wife and children.

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