Remington Arms Company, Inc. is the only manufacturer of both firearms and ammunition for Hunting, Law Enforcement/Security, Government & Military applications in the United States. They have 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.
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.
The company expects the transaction to close in June 2007. Same old Tommy....same old song and dance....You were "Disappointed" in the 4th quarter earnings????......you should be EMBARRASSED by them....take responsibility and step down before we all get in too deep to recover....