Posted: 11/16/04
Miken Sports sold
By David Heiller
Argus News Editor
Miken Sports in Caledonia has been sold to K2, Incorporated.
Jeb Griffith, the founder and chief executive officer of Miken, confirmed the news on November 15.
Griffith said the sale had been in the works for almost a year, ìIt was a very thorough study we did of each other,î he said.
Miken manufactures composite bats, which are made from petroleum-based resins. It began in 1997, and has annual sales of $10-12 million, with more expected next year, Griffith said.
Griffith said he sold the company partly because of his age, which is 66. ìAnd there was interest in what we did,î he added.
The past two years, Miken was the number one selling high-end softball bat in the United States, Griffith said.
ìIf youíre going to pick a time to sell, I would choose when youíre at the top of your game. And we definitely were and are,î he said.
Rumors have been circulating about the sale for quite some time, but Griffith did not acknowledge them because there was never any certainty that the sale would go through.
He said employees are now glad that they have closure on the sale.
Asked about job security for the 60 employees at Miken, Griffith said, ìItís too new to know where they are.î But he did say this: ìThey plan to stay here for a while.î
He said he has been told that no jobs are going away, but he added that the work force depends on the volume of bats that are sold.
ìIím just pleased that no jobs were lost in transition.î
Miken bats are knows for their good feel, Griffith said. The composite that they are made from is a closely guarded trade secret, he added.
Griffith said that K2 had a press release for the purchase of Miken being prepared. The Argus did not receive it in time for this story.
Griffith also started Winnebago Software, which he sold to Sagebrush Corporation in 2000.
About K2, Inc.
K2 incorporated is a $1.6 billion company based in Carlsbad, California. It owns some familiar names in the sporting industry, such as Shakespeare, Stearns, Pflueger, Rawlings, and Worth. Miken will be in the same division of K2 as two other ìdiamond sportî companies, Rawlings and Worth.
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