Jarden Corporation (NYSE: JAH) announced that it has successfully resolved the Federal Trade Commission's ("FTC") challenge of its acquisition of K2 Inc. (NYSE: KTO) and, as previously announced, completed its acquisition of K2 on August 8, 2007.
Under the terms of a consent order resolving the FTC's charges and allowing the transaction to proceed, K2 sold assets related to four types of monofilament fishing line: Cajun Line, Omniflex, Outcast, and Supreme.
The revenues associated with the disposed assets were immaterial to Jarden or K2. Martin E. Franklin, Chairman and Chief Executive Officer of Jarden, said, "We are pleased to have reached this positive outcome with the FTC, which enabled the closing of the K2 acquisition on the day its shareholders approved it. With the acquisition of K2 now closed, we are excited about the opportunities ahead, with K2 as part of the Jarden family, as we continue to create shareholder value by building our portfolio of diversified, market- leading, niche consumer product brands." -Jarden
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