View Full Version : What is Remington's Future? Comments please!
April 6, 2007, 09:15 AM
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.
April 6, 2007, 11:21 AM
Remington is a national Treasure, has been around when we needed them and under the new leadership will probably remain around.
The new owners also own Bushmaster, the largest US AR maker and Bushmaster have not suffered under the new owners. Hopefully Remington will get into the AR platform in a big way and bring out some innovative products.
I am betting the plant in Ilion NY will be phased out and the manufacturing moved to more friendly climes. Many of the old employees have retired or are nearing retirement so this will not impact the workforce, but it will devastate Ilion. New York is blatantly anti business and stridently anti gun, Rem should move.
I would like to see our troops carrying Remington weapons instead of all that foreign marked stuff.
April 7, 2007, 11:02 AM
I like the new pump 750 tactical .223, looks like a nice idea for commy states like new york with bans(or restrictions) on semi's...
I don't see any big deal, remington has changed hands so many times but still is doing pretty well overall, was owned by dupont then another now a new one, I'll still be buying remingtons...
April 7, 2007, 08:38 PM
Hopefully with new management they will improve but there is a lot of debt involved in the sale. We will have to wait for a couple of years to see.
April 8, 2007, 07:28 PM
Remington is doing well,, there is $280,000 + debt and it is doing well? Personally, I think the new owners will pull it out of NY ( and I really don't blame them, NY is not business friendly) maybe banckrupt it on the debt and sell the assets and make a quick profit.
April 8, 2007, 07:45 PM
Excellent post! You must have had some experience with investment firms. I have and would not trust them in a Pota-toilet with a muzzle on.
April 8, 2007, 11:07 PM
Remington had $252 million in debt when purchased. From 2003-2005 Remington posted losses. For the year 2006, Remington posted a net profit of $300,000 on sales of $446 million. It seems Remington was headed for bankruptcy before the buyout.
April 9, 2007, 12:00 AM
I am betting the plant in Ilion NY will be phased out and the manufacturing moved to more friendly climes
Remington should follow Buck Knives lead and come to Idaho.
April 9, 2007, 12:19 PM
Quality is one of the main issues with American manufacturers. I can remember when stickers were put on items stating "Made with Pride in America." The pride has gone from some manufacturers and it will be the downfall of American gunmakers, IMHO. Quality Control is very important.
I think that some companies hand pick a new model and let a gun magazine writer use it and the readers think that all the guns of said model are as good as the writer say it is.
Quality control has been the downfall of many old firms. Nothing should leave the factory without an inspector making sure that everything is up to par, including functioning. Might add a few bucks to the price but customer confidence will soar.
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