Now That Remington Has Been Sold
04-05-2007 | 09:28 AM
#1
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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.
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.
04-05-2007 | 06:03 PM
#4
Dominant Buck
Joined: Feb 2005
Posts: 26,323
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From: WC FL
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.
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.
04-05-2007 | 07:25 PM
#5
Nontypical Buck
Joined: Feb 2003
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From: MN USA
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.
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.
04-05-2007 | 07:28 PM
#6
Nontypical Buck
Joined: Jun 2004
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From: NW Ohio , 5 min from Ottawa National / Magee Marsh
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
http://www.bloomberg.com/apps/news?pid=20601103&sid=aNCow6kFlgig&refer=n ews
Hope they turn it around
Johnch
04-05-2007 | 07:58 PM
#7
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RE: Now That Remington Has Been Sold
