Vista Outdoor Testifies Before Congress on Slate of Recreation Bills
The company joins other industry stakeholders to ensure all Americans have access, opportunities and equipment to experience the great outdoors.
ANOKA, Minn., March 28, 2023 /PRNewswire/ — Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41 renowned brands that design, manufacture and market athletic and outdoor products to consumers around the world, announced the announcement Fred C FergusonVice President, Public Affairs and Communications, Vista Outdoor, on Tuesday, March 28thprovided remarks previously United States House of Representatives subcommittee on states asking for leadership Washington to pass several groundbreaking leisure laws.
Ferguson joined other outdoor industry stakeholders – including the National Park Service, the International Mountain Bicycling Association, the National Ski Areas Association, Safari Club International and others – to promote the passage of the following bipartisan bills: the Law on the Federal Interior Media Act (FILM).The Law to Simplify Access to Outdoor Recreation (SOAR).The Biking on Long Distance Trails (BOLT) lawThe Ski Hill Resources for Economic Development (SHRED) ActThe Law Enforcement Officer and Firefighter Recreation Pass ActThe Area Access Act and more.
“Much of our business success, combined with bipartisan gains in outdoor policy under the leadership of this subcommittee, has contributed to the growth of the outdoor leisure economy,” Ferguson said in his prepared remarks to the subcommittee. “The latest research from the Bureau of Economic Analysis shows that the outdoor leisure economy is playing a role $862 billion in gross output, 4.5 million jobs and 1.9% of GDP. From 2020 to 2021, the outdoor recreation economy grew three times faster than the overall US economy as Americans flocked outdoors during the pandemic. This results in job creation, economic development and diversification for communities in and around states and waters.
“Vista Outdoor and the Outdoor Recreation Roundtable support each of the bills under consideration today. The current climate and long-term outlook make today’s bipartisan hearing imperative, and we call on the subcommittee to act with speed and conviction to pass these bills.”
Late last year to show his support for the passage of these laws – which are part of a larger package of legislation called America’s Outdoor Recreation Act of 2022 — Signed the entire Vista Outdoor portfolio and sent a letter to Chuck SchumerMajority Leader, US Senate; Mitch McConnellMinority Leader, US Senate; Raul Grijalva, Chair of the House Natural Resources Committee; And Bruce Westerman, Ranking Member, House Natural Resources Committee. Click here to read the letter in its entirety.
Vista Outdoor thanks all outdoor industry stakeholders for joining this bipartisan opportunity to protect our public lands and ensure we conserve the outdoors for generations to come.
Separation Update
At May 5, 2022, Vista Outdoor announced that the company plans to split its outdoor products and sporting products segments into two independent, publicly traded companies. The Company intends to create these businesses through a tax-free spin-off of its outdoor products segment to Vista Outdoor shareholders.
The company is on track to complete the separation in calendar year 2023. Form 10 has been filed confidentially with the Securities Exchange Commission (SEC).
About Vista Outdoor Inc.
Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market athletic and outdoor products. Brands include Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal Ammunition, Remington Ammunition and more. Our Outdoor Products and Sporting Products reporting segments offer consumers a wide range of performance-oriented, high-quality and innovative outdoor and sporting products. As Vista Outdoor announced in 2022, the company is separating its outdoor products and sports products segments into two independent, publicly traded companies. This plan is expected to be implemented in calendar year 2023. Visit our website at www.vistaoutdoor.com for news and information.
Investor contact:
Tyler Lindwall
Telephone: 612-704-0147
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Media contact:
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SOURCE Vista Outdoor Inc.
