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anybody see this one yet? R-15
sandwarrior
Member Posts: 5,453 ✭✭✭
While searching my Remington newsletter I immediately came across this one. I hope it sells well for them.
http://preview.tinyurl.com/3cbudk
nononsense,
This link was the one that gave the viewers a 'preview'. I don't know why they say that as I don't see it. It takes me to tinyurl then I have to click on the link there to see it.
http://preview.tinyurl.com/3cbudk
nononsense,
This link was the one that gave the viewers a 'preview'. I don't know why they say that as I don't see it. It takes me to tinyurl then I have to click on the link there to see it.
Comments
The 'tinyurl' didn't work for me but if this is the new Remington AR-style rifle, it's made by Bushmaster. Both Remington and Bushmaster are owned by the same investment group so the match up was a foregone conclusion.
I'm waiting for the samples to be released a little more widely so some of the rest of us can get a chance to analyze these instead of just the idiot gunwriters.
It's going to be a great end to a great year for the Firearms Industry and the ammunition manufacturers and we haven't even gotten to S.H.O.T. Show yet!
Best.
The 'tinyurl' didn't work for me but if this is the new Remington AR-style rifle...
Direct link.
DPMS?
Looks like the Bushy Varminter to me.
Besides Remington, they also purchased Bushmaster and an 80% stake in Chrysler...
April 6, 2007
Remington to be Acquired by Cerberus
Filed under: News - Editor @ 10 am
In somewhat startling news, the Remington Arms Company announced yesterday that it would be acquired by Cerberus Capital Managment. Cerberus is paying $118 million in cash and assuming Remington's $252 million of accumulated debt. The deal is expected to close June 7th. Remington Arms was founded in 1816 by Eliphalet Remington II. Currently, Remington is the #1 producer of shotguns and #1 producer of rifles for U.S. domestic sales according to published BATF records. For the time being Remington's executives will stay in place, but Cerberus is known for bringing in its own management teams to run the companies it has acquired. Cerberus specializes in acquiring large enterprises that are cash-strapped or on the verge of bankruptcy, and then turning them around. In 2006 Remington posted earnings of $300,000 after three previous years of losses. Cerberus has been quite successful with its turn-around strategies, and now controls $23.5 billion worth of holdings, including MCI, the National and Alamo car rental chains, Air Canada, and Mervyns' Department stores.
Interestingly, Cerberus acquired Bushmaster Firearms, Inc., for an undisclosed sum in April 2006. With both Bushmaster and Remington under its wing, Cerebus is poised to expand into the defense contract area. Cerberus campaigned very aggressively to successfully retain MCI's $1 Billion computer services contract for the U.S. Navy and Marines. We expect Cerberus' long-term plans include competing for major military small-arms contracts, including the eventual replacement for the M-16. Watch out Colt and FN-we think Cerberus is looking to build America's next military rifles. Sources close to both companies confirm that a Remington-branded AR15 is in the works for the civilian market.
It will be interesting to see if Remington, under Cerberus' control, makes changes in its product line-up. Remington executives can be faulted for ignoring major trends in the sport shooting market. Cowboy Action Shooting is the fastest growing segment of the shooting market, and Remington, despite its strong brand name and legendary heritage, offered very little that cowboy action shooters wanted to buy. Sturm, Ruger & Co. tapped that market very successfully. Remington, in many respects, has also failed to keep pace with competitors Ruger and Smith & Wesson in adopting modern, computerized production technologies. Ruger also produces a variety of non-firearms products such as golf clubs and industrial metal castings.
Remington Arms Readies for 3rd Century of Business by
Entering into Definitive Agreement for Sale
Transaction Positions Company to Drive Manufacturing and Marketing Initiatives for
Growth & Expansion
MADISON, N.C., April 5, 2007 - Remington Arms Company, Inc. the only manufacturer of both firearms and ammunition for Hunting, Law Enforcement/Security, Government & Military applications in the United States, 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 (which includes the assumption of all of Remington Arms Company, Inc.'s approximate $252 million of funded indebtedness related to the Revolving Credit Facility, 10.5% Senior Subordinated Notes due 2011 and other indebtedness as of such date) before transaction related fees and expenses.
The transaction will strengthen Remington's ability to grow its leadership position in shotguns, rifles and ammunition in the United States and provides additional capital to further develop its market presence Internationally.
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.
Remington's extensive and all encompassing line of Shotshell, Center fire, Rimfire and Handgun Ammunition offerings is based on decades of ballistic innovation providing products under the Remington and UMC brands to customers around the world. For decades Remington has remained the #1 producer of Shotguns and #1 Producer of Rifles for US Domestic sales according to published BATF records.
Said Millner, "This agreement will also fuel the Research & Development of products that offer solutions to the needs of our customers worldwide, and provide further value to the user, whether hunting waterfowl with our new 105CTI Titanium receiver based shotgun or fighting terrorism as a member of our Armed Forces, with our M24SWS Sniper Weapon System (also used by many International Law Enforcement Agencies and Militaries)."
"We look to the future with great optimism in terms of enhanced sales and marketing worldwide and additional new business development, while we continue to focus on building into our products the quality and reliability that has benefited our customers for close to 200 years." stated Millner.
Credit Suisse Securities (USA) LLC acted as financial advisor to Cerberus with respect to its acquisition of Remington, in addition to providing a financing commitment in support of the acquisition.
The company expects the transaction to close in June 2007.
About Remington Arms Company, Inc.
Remington Arms Company, Inc., headquartered in Madison, N.C., designs, produces and sells sporting goods products for the hunting and shooting sports markets, as well as solutions to the military, government and law enforcement markets. Founded in 1816 in upstate New York, the Company is one of the nation's oldest continuously operating manufacturers. Remington is the only U.S. manufacturer of both firearms and ammunition products and one of the largest domestic producers of shotguns and rifles. The Company distributes its products throughout the U.S. and in over 55 foreign countries. More information about the Company can be found at www.remington.com.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with approximately $23.5 billion under management in funds and accounts. Through its team of more than 275 investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in Chicago, Los Angeles, Atlanta, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.