Posted By: mikei
The Big Green Machine goes small ball. . . - 10/02/20 08:09 PM
Under New Management: Remington Rebooted?
Posted by Vizardsgunsandammo.com on 2nd Oct 2020
With the smoke clearing from Remington's Chapter 11 bankruptcy sale this week, signs point to a reorganization of "Big Green" to a leaner company, focused on its roots.
With a history that goes back to 1816, Remington is regarded as the oldest remaining firearms company in the U.S., formed at a time when the young country held just 18 states. Over the past two decades, under a family of brands gathered at the time under the Freedom Group, Remington was the flagship of with a growing flotilla of gun and firearm accessory companies including Barnes Bullets, Bushmaster, Dakota Arms, DPMS, Marlin, Panther Arms, Para-Ordnance, TAPCO, AAC Suppressors, Stormlake Barrels and others.
Now, with its ammunition businesses going to Vista-- who owns CCI and Federal-- and Sierra, Marlin going to Ruger, and just about everything else bought by Franklin Armory, Sportsman's Warehouse, and the holding company that owns Palmetto State Armory, only a diminished core of the pre-2006 Remington endures under the smaller green banner.
That core, to include traditional Remington-branded long guns, shotguns, pistols, as well as the firearms manufacturing facilities in Ilion, New York, and Lenoir, Tennessee, along with the company's museum, and gift shop, went to Roundhill Group LLC, the high bidder at $13 million.
"Our intent with this acquisition is to return the company to its traditional place as an iconic American hunting brand" -- Jeff Edwards, Roundhill Group.
Roundhill, an investment company with headquarters in Pennsylvania and Florida, formed from a "group of experienced firearms manufacturing and hunting industry professionals" released a statement Wednesday announcing they wanted to make Remington, long-suffering from declining sales and somewhat hit-and-miss PR in the gun community, into something to be proud of once again.
"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."
With Roundhill reportedly having no other real estate holdings, and custody of Remington's huge Huntsville, Alabama plant reverting to the city which holds a $12.5 million mortgage on it, the company is looking to keep making guns at the historic plant in upper New York's Mohawk Valley. There, according to local reports, some 700 workers were furloughed last week until further notice, pending the outcome of the sale.
New York State Senator James L. Seward (R/C/I – Oneonta), said he spoke with Roundhill and found the gun maker's new owners, "committed to restoring the Remington name and continuing the firearm manufacturer’s longstanding tradition of quality craftsmanship."
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.
As for now, Billy Hogue, Remington’s vice president of operations, told the (Utica) Times Telegram on Thursday morning that, “There are things to still get sorted out,” and that “It’s going to take some time.”
Reference:
Guns.com
Posted by Vizardsgunsandammo.com on 2nd Oct 2020
With the smoke clearing from Remington's Chapter 11 bankruptcy sale this week, signs point to a reorganization of "Big Green" to a leaner company, focused on its roots.
With a history that goes back to 1816, Remington is regarded as the oldest remaining firearms company in the U.S., formed at a time when the young country held just 18 states. Over the past two decades, under a family of brands gathered at the time under the Freedom Group, Remington was the flagship of with a growing flotilla of gun and firearm accessory companies including Barnes Bullets, Bushmaster, Dakota Arms, DPMS, Marlin, Panther Arms, Para-Ordnance, TAPCO, AAC Suppressors, Stormlake Barrels and others.
Now, with its ammunition businesses going to Vista-- who owns CCI and Federal-- and Sierra, Marlin going to Ruger, and just about everything else bought by Franklin Armory, Sportsman's Warehouse, and the holding company that owns Palmetto State Armory, only a diminished core of the pre-2006 Remington endures under the smaller green banner.
That core, to include traditional Remington-branded long guns, shotguns, pistols, as well as the firearms manufacturing facilities in Ilion, New York, and Lenoir, Tennessee, along with the company's museum, and gift shop, went to Roundhill Group LLC, the high bidder at $13 million.
"Our intent with this acquisition is to return the company to its traditional place as an iconic American hunting brand" -- Jeff Edwards, Roundhill Group.
Roundhill, an investment company with headquarters in Pennsylvania and Florida, formed from a "group of experienced firearms manufacturing and hunting industry professionals" released a statement Wednesday announcing they wanted to make Remington, long-suffering from declining sales and somewhat hit-and-miss PR in the gun community, into something to be proud of once again.
"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."
With Roundhill reportedly having no other real estate holdings, and custody of Remington's huge Huntsville, Alabama plant reverting to the city which holds a $12.5 million mortgage on it, the company is looking to keep making guns at the historic plant in upper New York's Mohawk Valley. There, according to local reports, some 700 workers were furloughed last week until further notice, pending the outcome of the sale.
New York State Senator James L. Seward (R/C/I – Oneonta), said he spoke with Roundhill and found the gun maker's new owners, "committed to restoring the Remington name and continuing the firearm manufacturer’s longstanding tradition of quality craftsmanship."
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.
As for now, Billy Hogue, Remington’s vice president of operations, told the (Utica) Times Telegram on Thursday morning that, “There are things to still get sorted out,” and that “It’s going to take some time.”
Reference:
Guns.com