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Now That Remington Has Been Sold
Will it be good or bad for them???
Joseph Gross, Remington Arms Plant Manager, has confirmed that Remington Armshas 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. |
RE: Now That Remington Has Been Sold
This is interesting. Only time will tell if it was a good move or not...:eek:
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RE: Now That Remington Has Been Sold
they evidenatly didn't turn a profit the last few years until last year and even then not by much. This can't hurt.
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RE: Now That Remington Has Been Sold
ORIGINAL: DM Will it be good or bad for them??? Joseph Gross, Remington Arms Plant Manager, has confirmed that Remington Armshas 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. |
RE: Now That Remington Has Been Sold
It sounds like an investment company that purchased Remington. Investment companies may know about making money for themselves in the short-term (e.g. position it for resale at a higher price), but it doesn't mean they know anything about the business they've purchased or running it.
Our corporation sold 1 of the 3 companies we had supported for many years several years back to what sounds to be a similar investment company. They didn't even have an IT organization or technology center to run their systems/apps out of. It took them all of 2 years to figure out enough to build an IT org and tech. center, so they fully run their own business systems. That company is now a shadow of what it once was. I hope Remington Arms does better and that they have owners who have clue. Otherwise, it's not good. |
RE: Now That Remington Has Been Sold
The best info on the Remington buyout I have found is from Bloomberg
http://www.bloomberg.com/apps/news?pid=20601103&sid=aNCow6kFlgig&refer=n ews Hope they turn it around Johnch |
RE: Now That Remington Has Been Sold
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RE: Now That Remington Has Been Sold
I know some folks aren't going to agree with me on this one but I don't think it couldn't get much worse. I see it as a positive.
Tom |
RE: Now That Remington Has Been Sold
As long as they don't change anything I think it will be fine. Leave the best alone.;)
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RE: Now That Remington Has Been Sold
$370 million doesn't seem like much for a big name like Remington.
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