Remington, America’s oldest gun maker, emerged from bankrupts hearings a lot lighter and under new management, but the brand will continue.
According to guns.com, Remington was forced to sell its assets to the highest bidder. Some of the notable purchasers include Ruger who acquired Marlin and Vista, owner of CCI and Federal Ammunition, got Remington ammunition line. Other purchasers include Franklin Armory, Sportsman’s Warehouse, and the holding company that owns Palmetto State Armory.
Remington remains just a shell of what is was a couple decades ago, and that shell was purchased by the Roundhill Group LLC, at the price of $13 million.
The Roundhill Group is a group of experienced firearms manufacturing and hunting industry professionals based in Pennsylvania and Florida that promises to restore Remington to is former glory and reestablish its place in history.
“Our intent with this acquisition is to return the company to its traditional place as an iconic American hunting brand,” said Edwards. “We intend to maintain, care for, and nurture the brand and all of the dedicated employees who have crafted these products over the years for outdoorsmen and women both here in the USA and abroad. More than anything, we want to make Remington a household name that is spoken with pride.”
This is good news for the 700 employees that were furloughed last week and told not to come back to work until further notice.
According to New York State Senator James L. Seward, who spoke to the Roundhill Group, stated that the New York plant would open up again for production.
Seward said the plant could soon be humming again, possibly before Christmas. “Within 30 to 60 days an initial recall of 200 workers is expected, and I would anticipate additional growth shortly thereafter,” he said.
Hopefully, everything works out it would be a shame for such an iconic brand to leave the outdoors landscape.