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By CTSixshot
#29133
From the following article:

Winchester
What do chlorine and ammunition have in common? Very little, I would think. However, Winchester has been a beloved part of the Olin family since 1931. While the Winchester business is less cyclical than the chlor alkali products, you still have to wonder why it remains a part of the company. In 2011, it generated a record $572 million in revenue. It's never made more than $68.6 million before taxes, which it did in 2009.
The company continues its restructuring of Winchester, which includes relocating its center fire ammunition manufacturing operations from Illinois to Mississippi. All of this is supposed to make it a more efficient, cost-effective business by 2016. This might seem like heresy to Olin employees, but now might be the perfect time to sell the business. Sturm Ruger (NYSE:RGR) currently trades at around 2.7 times sales. That's three times what Olin sells for. Alliant Techsystems (NYSE:ATK), a leading supplier of small caliber ammunition, sells for 0.42 times sales. The company likely could obtain at least $300 million for the business, probably more. It currently earns less than SunBelt on almost three times the assets. Management has the opportunity to unlock the true value of its chemical business by finding a strategic buyer for Winchester. By 2016, I believe they will.


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