Shooting Illustrated | Remington Faces Uncertainty Post Bankruptcy Breakup
Remington’s Ilion, NY plant, once the bustling center of the firearms giant, faces an uncertain future after the company’s bankruptcy and liquidation.
The main divisions of Remington Outdoor Corporation were sold to separate high bidders in September. The owners have already taken command and are executing strategies to bring them back to their full glory. Here’s a quick look at the changes.
Remington Arms, the country’s oldest arms manufacturer, was bought by Roundhill, LLC for $ 13 million. A new name that took over the famous company immediately sparked speculation. Most of it was focused on a company of the same name that specializes in land development and real estate.
According to a phone interview with Richmond Italia, a director of Roundhill, LLC, which bought Remington Arms, the companies are not the same. He only found out that Remington was for sale a few days before the hammer fell when Remington’s then CEO – Ken D’Arcy – called him.
“Richmond, please take a look,” said Italia as D’Arcy neared the deadline for submitting a bid. “Eight hundred people will be unemployed.”
Italia expanded GI SportZ into what is arguably the dominant paintball company. He has a track record of reinvigorating businesses, a fact witnessed by D’Arcy as CEO of Crosman, which handled most of U.S. recreational equipment sales as orders grew exponentially. They have known each other for almost 20 years.
Roundhill assets acquired include all gun manufacturing equipment (except Marlin), patents and of course the famous Ilion, NY factory and museum. Weapons production can only be resumed after the new company’s FFL has approved it. That could be January 1st, probably earlier. The first gun from the line will be a Remington 870, according to Italia.
Vista Outdoor, owner of Federal Premium, CCI, and other cartridge and component legends, bought the ammunition division for $ 81.4 million. The assets of the transfer include trademarks, patents, and the Lonoke, AR facility, which is steeped in tradition.
The production facility will remain under the new management.
“The combination of the popular ammunition brands created by this transaction will benefit shooting enthusiasts, outdoor recreational retailers and Vista Outdoor for many years to come,” said Chris Metz, Vista CEO. “We look forward to welcoming the people of Remington and leveraging our shared passion, size, manufacturing infrastructure, distribution channels and centers of excellence to bring Remington products to more consumers.”
Ruger acquired the Marlin brand for $ 30.1 million and moved machinery and production to its facilities. “The value of Marlin and its 150-year legacy was too great an opportunity for us to pass up,” said Chris Killoy, President and CEO of Ruger. He also continued: “The brand is a perfect match for ours and the Marlin product portfolio will help us expand our already diverse range of products.”
Marlin will continue to be an independent brand. “The most important thing that consumers, retailers and distributors need to know at this point in time,” said Killoy, “is that the Marlin brand and its great products will live on. Long live the lever weapon. “
Sierra Bullets, owned by Clarus Corporation, acquired Barnes Bullets for $ 30.5 million. Production remains in Utah.
“We are excited to have the opportunity to work with the Barnes brand,” said Keith Enlow, president of Sierra Bullets. “Our strategy is to be the leader in premium specialty bullets and ammunition, and Barnes is adding another uniquely positioned Super Fan brand to the Sierra portfolio. We want the Barnes industry and consumers to know that we are committed to ensuring the quality of Barnes products and to understand the importance of continuity. We are committed to the wonderful people at Barnes and the people of Mona, UT, where the brand is based and will continue to operate. “
JJE Capital Holdings, already owner of Palmetto State Armory and other firearms-related companies, has added DPMS, H&R, AAC and Parker to its corporate stable. Tapco went to Sportsman’s Warehouse and Bushmaster to Franklin Armory Holdings. The total amount paid for parts of the conglomerate once known as Remington Outdoor was nearly $ 155 million.