Remington Arms, one of world’s largest MIM producers, to be sold

June 1, 2007

Remington Arms Co., USA, has announced that it will be acquired by an affiliate of Cerberus Capital Management, L.P. as part of a definitive agreement between Cerberus and RACI Holding, Inc. for an estimated value of $370 million.

Tommy Millner, CEO of Remington said ‘This transaction is an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years through innovation and by our dedicated employees. Further, this new partnership signals our intent to continue the path of enhancing our production capabilities and product offerings, in order to further grow our presence domestically and internationally. This agreement will also fuel the research and development of products that offer solutions to the needs of our customers worldwide.’ The company expects the transaction to close in June 2007.

Remington Arms Co. is a leading manufacturer of both firearms and ammunition for military and civilian markets. The Powder Metal Products Division produces both MIM and conventional PM parts for third party clients as well as for in-house use. The company’s InjectAlloy® (MIM) production process uses feedstock made entirely in-house and the company is one of the world’s largest consumers of carbonyl iron powder for MIM product manufacturing. The company was awarded the MPIF ‘Powder Metal Part of the Year’ prize for a MIM rifle sight assembly as early as 1988.

The sale value includes the assumption of all of Remington Arms Company, Inc.’s approximate $252 million of funded indebtedness related to the Revolving Credit Facility, 10.5% Senior Subordinated Notes due 2011 and other indebtedness as of such date) before transaction related fees and expenses.

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