Remington sold...Remington sold
Remington Arms Co has agreed to be
sold to Cerberus Capital Management LP, of New York, a
private-equity firm, according to Bloomberg News. The
transaction terms include $118 million in cash and
assumption of $252 million of debt.
The Remington Arms gun plant in
Ilion, New York, has operated powder metallurgy parts and
metal injection moulding (MIM) parts production lines for
many years.
Remington was sold by private-equity firms Bruckmann, Rosser, Sherrill & Co. and Clayton Dubilier & Rice Co. Clayton Dubilier purchased Remington’s assets from DuPont in 1993 for $300 million. In 2006 Remington earned $300,000 on sales of $446 million. The transaction is scheduled for completion by June 28, 2007.
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