Samuel Colt founded colt Manufacturing Company in 1855. Colt has had a major impact on American firearms by developing the first successful revolver and the iconic M1911, which is currently the longest-standing military and law enforcement service handgun globally and still used today.
In 2002 Colt Defense was split off from Colt’s Manufacturing Company. Colt’s Manufacturing Company served the civilian market, while Colt Defense served the law enforcement, military, and private security markets. In 2013 the companies merged again.
Now Czech firearms company has signed a deal to acquire Colt for $220 million and over 1 million newly issued shares in Czech. Czech announced yesterday they had purchased all the shares in Colt Holding Company, Colt’s Manufacturing Company’s parent company, and its Canadian subsidiary Colt Canada Corp.
“With this strategic move, CZG will acquire significant production capacity in the United States and Canada and substantially expand its global customer base,” the Czech company said.
The deal is subject to approval by regulators and is expected to be completed in the Q2 of 2021.