Who Owns Remington Firearms Now?
New owners of the Remington firearms facility in Ilion, N.Y., arent happy with New York Governor Andrew Cuomos new legislation to hold gun manufacturers liable for the harm caused by their products. In an interview with Utica, N.Y., television station WKTV , Remington Outdoors CEO Ken DArcy called the legislation, which was signed into law this week, poorly thought out. The idea this legislation will curtail crime is absurd, he said in a statement to WKTV. In Apr. 2021, the New York plant resumed production under new owners Roundhill Group, which bought it in 2020. Roundhill Group was one of seven buyers in Remingtons bankruptcy sale. It was after the Dec. 2012 shooting at Sandy Hook Elementary School that then Remington owner Cerberus Capital Management decided to sell off its holdings in the gun manufacturer. The shooter, who claimed 27 lives, used a Bushmaster AR-15 semi-automatic riflepart of the Remington brand. However, Cerberus held onto the firearms company until 2018 when it filed for Chapter 11 bankruptcy. This time, the Remington Outdoor Company and all its assets were sold off. But the company didnt go to just one buyer. Instead, the company was sold off in pieces to seven different buyers. The largest part of the Remington business was sold to Vista Outdoor. For over $81 million, Vista got Remingtons ammunitions plant in Arkansas and the rights to use the Remington name and trademarks. Article continues below advertisement  Investment company Roundhill Group spent $13 million for the original Remington plant in Ilion, its museum, and steam power facility. The company also purchased the Remington barrel-making plant in Lenore City, Tenn.  "Our intent with this acquisition is to return the company to its traditional place as an iconic American hunting brand. 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 outdoors men 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, Roundhill Group spokesperson Jeff Edwards said in a press release about the purchase. Article continues below advertisement  Source: Getty Images