New owners of the Remington firearms facility in Ilion, N.Y., aren’t happy with New York Governor Andrew Cuomo’s 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 D’Arcy 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 Remington’s 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 rifle—part of the Remington brand.
However, Cerberus held onto the firearms company until 2018 when it filed for Chapter 11 bankruptcy. Although Remington Arms executives stopped their initial bankruptcy filing, after struggling to restructure the company under a $950 million debt pile, the company filed for bankruptcy protection again in 2020.
Who bought Remington Arms in 2020?
This time, the Remington Outdoor Company and all its assets were sold off. But the company didn’t 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 Remington’s ammunitions plant in Arkansas and the rights to use the Remington name and trademarks.
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.
Other Remington buyers were:
Sturm, Ruger & Co., which purchased Marlin Firearms.
Sierra Bullets, which bought Barnes Bullets.
Franklin Armory, which bought the Bushmaster brand and related assets.
Sportsman’s Warehouse, which purchased TAPCO brands.
JJE Capital Holdings, which bought the DPMS Panther Arms, Stormlake, AAC, H&R, and Parker brands.
Remington firearms still faces a lawsuit from Sandy Hook victim’s families
The gun manufacturer is still at the center of a lawsuit filed by families of the 2012 Sandy Hook Elementary School shooting victims. The lawsuit asserts that Remington deserves part of the blame for the mass shooting because of its decision to market AR-15s to civilians.