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$1.2 billion offer for Remington Arms on the table
There's a $1.2 billion offer on the table to purchase gun maker Remington Arms, and even though Remington's owner has been looking for a buyer, it reportedly isn't taking this one seriously.
Remington Arms is one of the nation's oldest and largest gun makers in the country. Its factory has been located in the small Mohawk Valley town of Ilion, N.Y. for two centuries. It employs about 1,300 people and reportedly earned about $1.2 billion in revenue to 2013.
Global Digital Solutions, Inc. made the unsolicited offer late yesterday. The Florida-based company works on "smart gun" technology - a weapon that only works in the hands of its owner.
The company is "extremely excited and confident" about the acquisition, GDSI chief executive Richard Sullivan said in a statement.
Freedom Group is based in North Carolina and owns a handful of gun makers. Its parent company, Ceberus, has been looking to unload Freedom group since an assault rifle it makes was used in the Newtown, Conn. school shooting in December 2012.
Despite its intention to sell, Freedom Group's ownership is reportedly not taking the offer seriously. The Outdoor Wire reports the company considers GDSI's offer a "publicity stunt." Remington Arms did not return messages seeking comment.
The news of a possible sale likely won't sit well for the employees of Remington located in Ilion. Nerves about the company's future have been tense since the Newtown shooting prompted New York state to pass new gun control laws.
Frank "Rusty" Brown sees the offer from GDSI has an attempt from an anti-gun company to close Remington.
"Shut it down. Kill it, absolutely. Every gun manufacturer they possibly can," he said.
Those tougher laws caused several states to make offers to Remington for the company to relocate. Last month the company passed up New York and chose Alabama as the place to expand and build a new factory.
The Upstate Economy
The Upstate Economy