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christmas comes early in ilion, new york: remington outdoor company avoids a political fire sale

by:QY Precision      2019-09-05
Ilion arrived early in New York on Christmas Day, the oldest factory in the United States, still producing its original products --guns.
George colistide, Chairman and CEO of Remington Outdoor, (ROC)
An organization formerly known as the Freedom Group.
Sent a memo to his employees to let them know that they acquired unhappy shareholders under political coercion, rather than selling the Republic of China.
There is no more gun manufacturing facing the threat of imminent sale, and no more wonder what will happen to this town that has lived around the beating brick hearts of gun factories since 1816.
Cerberus Capital ManagementP.
The owner of ROC, who has been looking for buyers for gun groups since December 2012, had previously used a semi-automatic rifle manufactured by Bushmaster, one of ROC\'s subsidiaries, murder of students and others at Sandy Hook Elementary School in Newtown, Connecticut
The California teacher retirement system was then held 2.
4% of free organizations threaten Cerberus to sell gun manufacturers or they will withdraw funds.
Many of ROC\'s products have been in high demand, but no buyers have been found.
To put an end to this uncertainty, a group of investors, including Kollitides, decided to buy disgruntled investors.
Kollitides\'s memo said, \"the $0. 175 billion loan proceeds will be used to buy back $0. 15 billion of stocks from withdrawn investors, the remaining $25 million in cash will be placed on ROC\'s balance sheet, which will be used to expand our business through capital equipment, facilities and acquisition investments.
\"Of course, this does not mean that ROC can still not be sold;
It just makes sales look unlikely.
Teddy Novin, director of public affairs at ROC, confirmed that the memo sent by Kollitides to employees was legal.
Kollitides memo also explained that his investment group intends to follow the initial equity transaction to increase and consolidate the Republic of China.
ROC is a diversified company with facilities throughout the United States. S.
Including an ammunition manufacturer in Arkansas.
ROC is currently investing $32 million.
There are many other facilities.
However, Irian\'s factory has been the focus of speculation and rumors because of its iconic history and significance to the 100 million gun owners in the United States.
In the past two years, such as the continued surge in gun sales, the Remington Arms Factory, Erie, doubled about 700 of the 1,400 employees in the workplace and the country has been $20 million manufacturers.
Men and women who build guns in the oldest gun factory in the United States are members of United Mine Workers in the United States (UMWA)
Local trade union 717
Most of them are blue collar.
They went to the factory wearing jeans and working boots.
Before them, many of their fathers and mothers, grandfathers and grandmothers and generations worked in the factory.
I visited the facility again in October 2013.
The old brick factory is located near Utica, north of New York, and is the heart of Erie and nearby Mohawk.
Looking from the air, the Remington weapons factory looks like a three-sided by four-
Multi-storey brick house with floorto-
The glass windows of the ceiling are built with bricks, so the weather is not good, it is the color of rust.
It is a quiet chimney in the center.
On both sides of the brick house, there are parking lots for pickup trucks and family cars everywhere.
The factory has increased in different growth periods.
Since 1816, during the expansion period of nearly two centuries, the gun factory has developed into a complex group of buildings and floors.
Now you can go from one building to another and change the floor without staring at your eyes or elevator.
The Remington weapons factory is both a working museum and a state-of-the-
Art Factory.
New York used to be the manufacturing center of the United States, but since then many of its machine stores and manufacturers have lost to overseas competitors and lower-tax states.
Remington has been-
Although there were rumours at the end of 2013 that the plant might be relocated to Tennessee or Georgia, the rumors made sense.
The vulnerability of this brand and other brands owned by ROC
Marin, snake, DPMS. —to anti-
Gun politics prompted John MacIntosh, a former partner of global private equity firms, to write a mean article --spirited op-
After the Sandy Hook shooting, I reported for CNN.
The Macintosh called on Michael Bloomberg, then mayor of New York City, billionaire George Soros and others to \"control the Freedom Group at all costs\" and then, if the \"moral shift\" of gun companies is not feasible, then implement \"enterprise euthanasia\" for companies such as Remington, Marin and Bush master \".
He seems to think the United States isS.
The military, our law enforcement agencies, hunters and millions of other gun owners are better off buying from foreign manufacturers.
For gun companies that serve American gun owners and sell guns to police and the United States, it\'s a toxic climateS.
A rival army.
However, this is the characteristic of modern American gun manufacturing. it is still full of vitality and re-creates itself;
For example, in 2011, 66% of the guns sold in the United States were made in the United States, a surprising proportion.
What other heavy-duty manufacturing industries can make this claim?
Paul Mertz, factory manager at Remington Arms Factory in Erie, met me at the Remington Museum.
The museum displays weapons from the early nineteenth century, which Remington made for the United States. S.
The troops that fought with them during World War II, as well as some of America\'s most popular rifles and shotguns, which are now used by 600,000 certified hunters in New York State and millions of people across the United StatesS.
And a lot of homemade guns. defense.
There are also Remington Automatic Rifles on display.
The semi-automatic rifles, designed by the famous gun manufacturer John Browning, were first sold in 1906.
Those who want AR
If you realize that the technology is already in the hands of hunters, this semi-automatic rifle has been banned for more than a century.
We walked the floor of the factory and I found the factory transitioning from the old to the new one.
It is now digital control of modern computers (CNC)
Mechanical and quiet
The mechanical miracle of the early 20 th century.
The last time I wentin 2008)
I saw one and a half. truck-
The size of this machine is very large, and it is a mobile belt that a bunch of workers call \"Willie Wonka machine.
\"This machine is gone now.
In the past few years, Remington has invested about $20 million in the plant to increase modern CNC machines and simplify manufacturing capabilities.
Remington, for example, purchased a malinfish gun and moved its machine to the plant in illon.
The workers soon discovered the machine.
Ancient lathe, barrel car, etc. were a half-
An outdated century.
They had trouble making Marin\'s iconic lever.
Their action rifle.
But now they have bought a new CNC machine for Marin for $8 million.
These machines are producing levers. action rifles.
I saw the old machines lined up in the room.
Merz explained that they would sell it at scrap.
Merz said, \"We produce about 4,900 guns a day on average in this factory. They go to law-
Law enforcement, United StatesS.
Army and citizens
We are proud to make guns in the United States.
Many of our employees are the second and third generation.
Many people have worked here for more than 30 years.
\"I met a male and female cutting receiver for type 870 pumps --Action shotgun
More than 10 million units sold in Remington 870
Type 700 Bolt
Type 1911 pistol, Bushmaster AR-
In his 15 s.
In the factory that started in 1816, I saw these hardworking people. this Factory played a great role in the beginning of the American Industrial Revolution. No doubt, this part of the United States needs a better understanding of \"mainstream America.
Although this move by cerberus Management has strengthened ROC and protected manufacturing jobs in many parts of the United StatesS.
Politics remains the biggest obstacle to the success of the Republic of China.
Now, the New York State Rifle and Pistol Association filed a lawsuit (NYSRPA)
This is a challenge to the New York State Security Act, which provides that many guns manufactured in Ilion are illegally sold to residents of New York state.
And some-
Gun state law enforcers in Albany have been trying to pass a legislation that forces Remington to track and track guns using expensive and unproven technology.
Tom King, president of NYSPRA, speculated that such legislation would be the end of the historic factory.
But the end of the factory has been predicted many times.
Now they are celebrating Christmas in Elon, the town that revolves around the oldest American manufacturer and still proudly produces its original products.
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