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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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RE: Now That Remington Has Been Sold
Cerberus also owns Bushmaster- I don't thinkits hurt a thing for them.
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RE: Now That Remington Has Been Sold
ORIGINAL: redhead522 $370 million doesn't seem like much for a big name like Remington. |
RE: Now That Remington Has Been Sold
SwampCollie, How can you say they don't make a quality shotgun? Have you ever shot an 870? I own two and love them. Everyone I hunt with owns them also. There is a reason it has been around so long, they are the best pump shotguns.
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RE: Now That Remington Has Been Sold
ORIGINAL: markly99 SwampCollie, How can you say they don't make a quality shotgun? Have you ever shot an 870? I own two and love them. Everyone I hunt with owns them also. There is a reason it has been around so long, they are the best pump shotguns. |
RE: Now That Remington Has Been Sold
I also learned that this same investment group bought Bushmaster on Tuesday........something bout this makes me uneasy......hope I'm wrong.
Dan |
RE: Now That Remington Has Been Sold
Same here.... I heard about Remington getting bought out and I just had to sit back and go, "huh?!?"
 I just hope to God, Remington doesn't end up like Winchester.  Butch A. |
RE: Now That Remington Has Been Sold
I gotta agree with the post on the 870's and 1100's. I have several of each from the 60's and 70's and they areabout as solid a piece as u could ever hope to buy. Fit and finish are flawless..beautiful guns! You sure cant buy anything that looks like them now from Remington. They probably function as well but appearance and value wise they wouldnt be close. I have one 870 in particular that has been hunted with every year for over 40 years...still looks and functions like a new one.
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RE: Now That Remington Has Been Sold
ORIGINAL: redhead522 $370 million doesn't seem like much for a big name like Remington. The investors will want a return on their money, probably soon, so the company will probably make cuts to improve the profit, that usually is not good. |
RE: Now That Remington Has Been Sold
Swampcollie, I agree completly that an express is not made as well as a wingmaster. I happen to own an express magnum and a wingmaster magnum. I paid around $300 more for the wingmaster so I didn't expect the express to be as pretty as the wingmaster or shoot as well, but I have never had any problems with either gun. They are both very accurate. My dad has a wingmaster that he got when he was a teenager in the 70's and it doesn't look or shoot or feel any different than my wingmaster that I bought three years ago.
As for the semi-auto's you may be right. I personally don't shoot them, never have, probably never will. I was raised shooting pumps and that is what I'm comfortable with. I didn't mean any disrespect by my comments earlier and I appologize if that is the way you took it. |
RE: Now That Remington Has Been Sold
DM, thanks for the post, its very interesting. We will have to keep an eye on them. Lets hope they do better than Bushnell did when they switched hands! I think almost everyone on here has owned at least one remington in their life, I know I've owned a bunch.
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RE: Now That Remington Has Been Sold
I think almost everyone on here has owned at least one remington in their life, I know I've owned a bunch.  DM |
RE: Now That Remington Has Been Sold
Purty. What cartridge?
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RE: Now That Remington Has Been Sold
.338-06, Douglas premium bbl, Leupold 2.5x8 scope, weaver rings.
DM |
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