Sunbeam 2002 Annual Report Download - page 4

“In a business where we live by the mantra, ‘Our most
important assets go home every night,’ we are particularly
pleased that our management teams believe in, and are
excited about, our long-term stategy to build a world
class consumer products company.”
CHAIRMAN’S LETTER
I am delighted to report that 2002, by any measure, was the most success-
ful year in the company’s history. Despite a difficult economic climate, every
segment of your company met or exceeded its profitability objectives.
DEAR FELLOW SHAREHOLDERS:
Perhaps more important than short-term financial success, we
defined a long-term strategic direction for Jarden Corporation
and prepared the foundation for a successful execution of
this strategy. Our strategy is clear and consistent; to build
a world class consumer products company that enjoys leading
market shares of niche markets for branded consumable
products used in and around the home. We believe this
strategy has not only created a strong, vibrant platform from
which to grow, but also presents a compelling investment
opportunity. The nature of niche markets means they are rela-
tively small with attractive operating margins and strong cash
flows. These markets have often been neglected, providing the
opportunity for positive market trends from newly invigorat-
ed management with fresh and creative ideas. We believe that
many of our niche branded consumable markets share similar
distribution channels which can be leveraged to include new
product introductions as well as more efficient customer
service. A number of important milestones in implementing
our strategy were achieved in 2002.
Expanded into Home Vacuum Packaging
Following the significant reorganization and deleveraging of
the company that took place in the fourth quarter of 2001, we
acquired Tilia during the first half of 2002, the leading
manufacturer and marketer of home vacuum packaging
systems under the FoodSaver® brand in North America.
This acquisition was a natural extension of Jarden’s market
leading position in another area of home food preservation,
home canning. The synergies between these two businesses
have already led to cost efficiencies and increased strength in
marketing, distribution and product development. In addition,
we believe our ability to complete a smooth and swift
integration plan for the FoodSaver® acquisition bodes well
for future acquisition integrations.
Established Platform for Growth
The company’s transformation was highlighted by its name
change to Jarden Corporation from Alltrista at the end of
May 2002. While the name change was largely symbolic, the
changes made since September 2001 have had a significant
positive impact on the morale of our employees. In a business
where we live by the mantra, “Our most important assets go
home every night,” we are particularly pleased that our
management teams believe in, and are excited about, our
long-term strategy to build a world class consumer products
company. I believe this rejuvenated spirit has pushed your
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