Skip to main content
Help Center Community Shop

Remington?

djh860
I guess I missed it did remington go bankrupt and get bought by a company that only wants to make russian and turkish crap?
0

Comments

3 comments

Date Votes
  • duckhunter
    No.
    0
  • Michibay
    It is my understanding that they were purchased by the same investment group that has a major holding in Chrysler Corp. Their name is Ceberus...not sure if I spelled correctly. My question is: What do they know that I don't??? Interesting that they would invest HEAVY in manufacturing and guns!!!???!!!???
    0
  • nononsense
    This is the Ask the Experts forum and not some editorial opinion poll. I deleted the remark which is suited to General Discussion.

    djh860,

    From the official nationwide press release:

    Remington Arms Sold (Updated 10:14am)

    "Joseph Gross, Remington Arms Plant Manager, has confirmed that Remington Arms has been sold.

    Remington Arms Company, Inc. is the only manufacturer of both firearms and ammunition for Hunting, Law Enforcement/Security, Government & Military applications in the United States. They have announced that it will be acquired by an affiliate of Cerberus Capital Management, L.P. as part of a definitive agreement between Cerberus and RACI Holding, Inc. for an estimated value of $370 million.

    Tommy Millner, CEO of Remington said, "This transaction is an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years through innovation and by our dedicated employees. Further, this new partnership signals our intent to continue the path of enhancing our production capabilities and product offerings, in order to further grow our presence domestically and internationally.

    The company expects the transaction to close in June 2007."

    I quote from a synopsis about Cerberus buyouts:

    "Firearms - Acquired Bushmaster Firearms, Inc., from Windham, Maine native Dick Dyke for an undisclosed sum in April 2006, and purchased Remington Arms in April 2007. Under Cerberus direction, Bushmaster Firearms acquired Cobb Manufacturing, a well-respected manufacturer of large-caliber tactical rifles in August 2007. Cerberus also acquired DPMS Panther Arms December 14, 2007. Remington Arms acquired Marlin Firearms in January 2008. In October 2009, Remington Military products acquired silencer manufacturer Advanced Armament Corporation."

    Up to this point, Remington had embarked on a program of using imported firearms to bolster their domestic market. Unfortunately or fortunately, most of this has failed to come to fruition.

    You might use a search engine to get more details about the buyout and resulting fallout. Remington's website used to have a section on press releases.

    Best.
    0

Please sign in to leave a comment.

Recent Activity