April 5, 2007Gunmaker Remington to change handsI just got this news of yet another big change in U.S. firearms business from Jim Shepherd at the Outdoor and Shooting Wires: "SPECIAL BULLETIN From The Outdoor & Shooting Wires Remington CEO Tommy Millner released a statement characterizing the transaction as "an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years…" The acquisition gives Cereberus two gun companies, Remington Arms and Bushmaster. Sources familiar with both companies say Remington will quickly add an AR-style rifle platform to complement their M24SWS Sniper Weapon System while Bushmaster will likely add signature branded ammunition and products. Remington also includes a total line of shotshell, centerfire, rimfire and handgun ammunition and manufacturing under the Remington and UMC brands. For many years, Remington has remained the number one producer of both rifles and shotguns in the US domestic market. Credit Suisse Securities (USA) LLC provided financing commitment and advisor services to Cereberus in the acquisition, expected to close in June 2007. We will have complete details and reaction to the acquisition in the Friday, April 6, 2007 editions of The Outdoor and Shooting Wires." |
About this blog
While growing up in rural Southern Oregon, Mark Taylor developed a passion for the outdoors while he and his younger brother tagged along with their father on fishing, hunting and camping adventures. Graduating from Northwestern University in 1988, Taylor spent four years as an officer in the U.S. Navy based in Norfolk before moving into journalism. After five years writing about the military for a Norfolk-based publishing company, he became the outdoors editor at The Roanoke Times in 1998. He lives in Roanoke with his wife and twin daughters. .....Advertisement.....
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Comments
[April 7, 2007 12:23 AM]
Joe GOh no! Remington is going to manufacture the dreaded "terrorist rifles". No wonder they dropped Jim Zumbo like a hot potato. Hopefully they will keep Tommy Millner on as CEO. He was quick and decisive in cutting Zumbo free. That showed me he has real courage and is a stand up guy. Best of luck to him and Remington.