Olin, a U.S. ammunition manufacturer based in Clayton, Missouri, today announced a $75 million deal to acquire AMMO’s small-caliber ammunition manufacturing assets in Wisconsin. The assets will be folded into Olin’s Winchester Ammunition business.
The acquisition includes AMMO’s brass shell case capabilities and a 185,000-square-foot production facility in Manitowoc, Wisconsin. According to the company, the Manitowoc facility and its employees will complement Winchester’s existing production capabilities.
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According to the company, once the business is fully integrated with Winchester’s economies of scale and value chain – from raw material sourcing to projectiles, primers, and loading capabilities – the acquisition will realize $40 million in synergies.
Brett Flaugher, president of Winchester Ammunition, says the assets in Wisconsin will help Winchester’s legacy plants lower costs of high-volume products and make higher-margin specialty rounds at a cost advantage.
The transaction is subject to customary terms and conditions and is expected to close in Q2 2025.
Olin’s President and CEO Ken Lane says the deal is in line with Winchester’s acquisition strategy, which began in 2023 with the purchase of White Flyer, a manufacturer of recreational trap, skeet, and sporting clay targets. Olin plans to continue looking for small, bolt-on acquisition targets. Lane says the company expects the Manitowoc assets to generate $15 million to $20 million of incremental adjusted EBITDA in the first year.
AMMO opened the Manitowoc plant in September 2022. The facility includes a multi-lane underground range and a lab with state-of-the-art test equipment.
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