Somehow, I missed this!
chme
Member Posts: 1,471 ✭✭✭✭
September 30, 2020
Sturm, Ruger and Company, Inc. (NYSE: RGR) announced today that its offer to purchase substantially all of the Marlin Firearms assets was accepted by Remington Outdoor Company, Inc. and approved by the United States Bankruptcy Court for the Northern District of Alabama. The Company will pay the $30 million purchase price from cash on hand at the time of closing, which is expected to occur in October.
“The value of Marlin and its 150-year legacy was too great of an opportunity for us to pass up,” said Ruger President and CEO Chris Killoy. “The brand aligns perfectly with ours and the Marlin product portfolio will help us widen our already diverse product offerings.”
The transaction is exclusively for the Marlin Firearms assets. Remington firearms, ammunition, other Remington Outdoor brands, and all facilities and real estate are excluded from the Ruger purchase. Once the purchase is completed, the Company will begin the process of relocating the Marlin Firearms assets to existing Ruger manufacturing facilities.
“The important thing for consumers, retailers and distributors to know at this point in time,” continued Killoy, “is that the Marlin brand and its great products will live on. Long Live the Lever Gun.”
Comments
Great. Now new Marlins will have extensive safety warnings stamped into the barrel.
Yes but perhaps they will actually work.
Remington goes bankrupt and Ruger can buy Marlin for $30 million with the cash they have on hand. One is a successful and innovative company and the other tried to live on its reputation from years ago. Glad Marlin is being rescued by an actual gun maker and not some venture capitalist. Bob
Now lets see if Ruger adds 3lbs worth of casting to Marlins receivers.
$30 million is chump change; I probably have that much in my jeans right now.
OTOH, a couple of years ago, Comcast offered $65 BILLION CASH for Time-Warner, but got turned down. So they turned around & bought the Sky European streaming network for $40 BILLION in cash. So, they have at least $25 BILLION cash left over, plus probably a large amount that they aren't talking about.
Let's hope that Comcast doesn't think about adding Ruger to their portfolio.
Neal