|
|
Member
Posts: 30
| Rapala to Acquire Luhr Jensen 10/18/05
MINNETONKA, Minn. (October 18, 2005) — Rapala has finalized the acquisition of lures and other fishing tackle business of Luhr Jensen & Sons, Inc. (“Luhr Jensen”), a Hood River, Oregon based manufacturer of fishing lures and accessories. The consideration of the deal comprises of cash and newly issued shares of Rapala. It is expected that this acquisition will be accretive to Rapala shareholders.
Founded in 1932, Luhr Jensen manufactures a wide range of lures for freshwater and saltwater species, including the Kwikfish, Krocodile, J-Plug and Hot Shot. Luhr Jensen is one of the five largest lure companies in the USA and is the market leader in the Pacific Northwest, Alaska and in British Columbia, Canada. The brand is particularly well known in market segments, which target species such as salmon, trout and steelhead. The company also sells a line of cooking products, which are not included in the acquisition. Luhr Jensen employs more than 250 people in Hood River and Mexico. The net sales of its lure and fishing tackle business were in excess of $9 million in the financial year ended in June 30, 2005.
“Luhr Jensen is an ideal fit for the Rapala family of brands,” said Jorma Kasslin, CEO of the Rapala VMC Group. “Their products have a great reputation with anglers and are widely known for their quality craftsmanship. We intend to take this quality brand to the global marketplace via our network of group distribution companies. In addition, with Rapala and Luhr Jensen combined, we are definitely the world’s largest manufacturer of metal fishing lures.”
“It was a difficult decision to sell the company that was founded by my father more than 70 years ago,” said Phil Jensen, President of Luhr Jensen. “But the decision was made easier knowing that the Luhr Jensen traditions of dedication, quality and service will continue under Rapala’s leadership.” Phil Jensen will continue as a consultant to the Rapala Group and board member of Normark USA, the Group’s wholly owned US distribution company.
Luhr Jensen will join Rapala, Storm, Blue Fox, VMC and Williamson in the Rapala family of brands. Future plans include transferring production of Luhr Jensen products to the Rapala factories.
| |
| | |
Member
Posts: 2680
Location: Essexville, MI./Saginaw Bay. | One more made in the USA sticker takes a Europeon Holiday. 
Lets just hope they don't gut the product line, like they did with Storm Lures buy-out. 
Edited by walleye express 10/21/2005 1:12 PM
| |
| | |
Member
Posts: 39
Location: Coatesville, PA | Yea, I bet it was a difficult decision for Phil Jensen, let's see, take the money and run, or worry about the folks that have been working for the company all their lives. Obviously he didn't care much about his workers as Rapala has already stated they will move production to their plants. | |
| | |
Member
Posts: 874
Location: Neenah, WI | My sentiments exactly CVA 59. I haven't been a fan of Normark since they did what they did to the Storm line. There are lots of baits that work for me so that I don't have to give money to them. | |
| | |
Member
Posts: 714
| Better stock up on Dipseys.
Just in case they do the same to them as they did to Storm Lures! | |
| | |
Member
Posts: 2680
Location: Essexville, MI./Saginaw Bay. | JLDII - 10/22/2005 9:45 AM
Better stock up on Dipseys.
Just in case they do the same to them as they did to Storm Lures!
Good point Jack.
I can already see me drilling holes and installing (Hook Eyes) in the midle of Silver dollars, when they scrap that popular piece of tackle. 
I don't think I've ever had such a Love/Hate feeling about any other lure company as I do Rapala. Its like me and Hollapenio Peppers. I love em, but hate what they do to me..
Edited by walleye express 10/22/2005 9:30 AM
| |
| | |
| anyone who uses dipsy diver check this out www.slidediver.com
it is a much better product for great lakes fishing.
rapala will gut luhr jensen im sure and put rapalas great spin on it (yeah) | |
| | |
Member
Posts: 2680
Location: Essexville, MI./Saginaw Bay. | Heres one facit of the equation I hope Rapala got loud and clear when they bought and transformed the Storm Lure company. Fishermen hate change to a proven fish catching product. Will buy no matter what the price (see "old type" Storm Lures on E-bay for this verification) lures that work. And are slow to try new lures without proof, word by reliable mouth, or testing. And I'm not talking about Ole or Sven, or even a bunch of guys on a dock gathered for some (pre fishing) prayers telling you they work. We fishermen seem to hold (product change) grudges longer for anybody tinkering with or changing proven workable products, or making us change our proven ways of using them. 
Edited by walleye express 10/27/2005 10:35 AM
| |
| | |
| i couldn't agree more dan. look at the piles of those plastic billed hot n tots at franks. they got all those custom colors just sitting there. they can't hardly give em away. it didn't take rapala too long to change them back to metal bills. wouln't it be great if they would bring back the old 3/8 rattlers again. i know when i worked for eric on summer remedy it was one of our most effective tools. i know it worked wonders for you as well. like you said, ebay is proof in the pudding. lets hope a nightmare doesn't lie ahead. | |
| | |
| There is no impending doom. There will be no changes to the catalog, marketing, pro-staff, products, colors.... Lesson learned! | |
| |
|
Rapala / Luhr Jensen