 | |
| Company type | Subsidiary |
|---|---|
| Industry | Arms industry |
| Founded | 1816; 210 years ago (1816) |
| Founder | Eliphalet Remington |
| Defunct | 2020; 6 years ago (2020)[1] |
| Fate | All assets were sold[2] |
| Successor | Remington Firearms Remington Ammunition |
| Headquarters | , United States |
Area served | Worldwide |
Key people | Anthony Acitelli (CEO) |
| Products | Firearms, ammunition, and accessories |
| Revenue | US$950 million (2004) |
| Parent | Remington Outdoor Company (2007–2020) |
| Divisions | Remington Ammunition |
| Website | www www |
Remington Arms Company, LLC, was an Americanmanufacturer of firearms andammunition. It was formerly owned by theRemington Outdoor Company, which went bankrupt in 2020 with its lines of business sold to several purchasers. Two resulting companies each bear theRemington name—the firearms manufacturer isRemington Firearms owned byRemArms, LLC., and the ammunition business isRemington Ammunition owned byThe Kinetic Group (Czechoslovak Group).[3]
Founded in 1816 byEliphalet Remington asE. Remington and Sons inIlion, New York, it was one of the oldest gun makers in the United States and claimed to be the oldest factory in the country that still made its original product.[4] The company was the largestrifle manufacturer in North America according to 2015ATF statistics.[5][6] The company developed or adopted more cartridges than any other gun maker or ammunition manufacturer in the world.
The Remington company was founded in 1816.Eliphalet Remington II (1793–1861) believed he could build a better gun than he could buy. Remington began designing and building aflintlock rifle for himself.[7] At age 23 (in late 1816), he entered a shooting match; though he finished second, his well-made gun impressed other contestants. Before Remington left the field that day, he had received so many orders from other competitors that he had officially entered the gunsmithing business. By 1828, he moved his operation to nearbyIlion. The modern Remington firearms plant still uses this site.
On March 7, 1888, two years afterspinning off the typewriter business which later becameRemington Rand, the Remington family sold the ownership of E. Remington & Sons to new owners,Marcellus Hartley and Partners. This consisted of Hartley and Graham ofNew York, New York, a major sporting goods chain that also owned theUnion Metallic Cartridge Company inBridgeport and theWinchester Repeating Arms Company ofNew Haven, both in Connecticut. At this time, the company formally changed its name to the Remington Arms Company.[8]
When the US enteredWorld War I, Remington became deeply involved in the war effort.[9] Remington was left with huge stocks of guns and ammunition and no prospects for payment. The US government purchased the firearms.[10]
During theGreat Depression, Remington was purchased byDuPont, which had made its name with improvements togunpowder. A year later, Remington purchased thePeters Cartridge Company; today, many of the Remington headstamps still have "R-P" on them for Remington-Peters.[11]
In 1940, the US Army became worried about its ammunition capacity and asked Remington to collaborate on a plan for national expansion. With the aid of DuPont, Remington built theLake City Army Ammunition Plant (named Lake City Arsenal initially) andDenver Ordnance ammunition plants, and three more plants later on, including theLowell Ordnance Plant. Though the plants belonged to the US government, Remington was asked to oversee their operation. Among the weapons that Remington manufactured for the government duringWorld War II was the famousM1903A3 Springfield bolt-action rifle.
During the 1950s and 1960s, Remington expanded into other products besides guns, with the purchase of Mall Tool Company in 1956.[12][13] One of the products waschain saws.[14]
In 1962, Remington introduced theModel 700bolt-actionrifle, which became one of Remington's most successful firearms and quickly lent itself to developments of many sub-variants, including theRemington 700 BDL,Remington 700PSS forpolice andlaw enforcement agencies (the rifle, later renamed 700P, is very popular among law enforcement agencies) and themilitaryM24 SWS, which was theUnited States Army standardsniper rifle between 1988 and 2010. Other armed forces worldwide still use it, such as theIDF. Other firearms brands designed and manufactured sniper rifles based on the reliable and accurate Remington Model 700 action.
In 1969, Remington broke ground on a new ammunition manufacturing plant inLonoke, Arkansas. By 1970, centerfire ammunition in the Remington, UMC and Peter's brand names were being produced by the facility. The company's shotshell then rimfire ammunition production operations were subsequently moved to the Lonoke facility in the mid 1970s and early 1980s.[15]
In 1986, Remington closed its ammunition plant inBridgeport, Connecticut, completely transferring operations to the facility in Lonoke, Arkansas. A year later, Remington built a new clay targets plant inAthens, Georgia. According to an article inThe New York Times, in 1993, Remington's parent company—DuPont de Nemours & Company (DuPont)—sold Remington to the New York investment firmClayton, Dubilier & Rice (CD&R) for $300 million.[16]The Times, citing the National Sporting Goods Manufacturers Association said that "rifle and shotgun sales totaled $900 million" in 1992. Citing theNational Shooting Sports Foundation president, the article said that since 1986, "interest in hunting" had "declined". The sale of long guns—which represented 75% of Remington sales had become "slack" by 1993, while the sale of handguns had become the "fastest-growing segment" of the gun industry.[16]
In June 2007, a private equity firm,Cerberus Capital Management, acquired Remington Arms for $370 million, including $252 million in assumed debt. It became part of Cerberus' Freedom Group. Remington was millions of dollars in debt and did not report a profit from 2003 to 2005.[17] In 2015, the Freedom Group was renamedRemington Outdoor Company.
In December 2007, Remington Arms acquired rifle-makerMarlin Firearms.[18] In 2009, ammunition sales continued to remain high despite the ongoingUnited States Ammunition Shortage during that time. Chief Executive Officer Ted Torbeck said that consumer concerns over future restrictions, and taxes on ammunition and firearms by the Obama administration, were creating a rise in demand.[19]
In 2009, Remington's former ammunition factory in Bridgeport, Connecticut, was investigated by the Travel Channel'sGhost Adventures. The site was eventually purchased by Peter DiNardo Enterprises Inc. and was scheduled for demolition.[20]
In October 2009, Remington Military products acquiredsuppressor manufacturerAdvanced Armament Corporation.[21] In 2010, Remington introduced the fastest commercially available shotgun shell, Hypersonic Steel, with a patented wad technology that allows the shot to travel at 1,700 ft/s (520 m/s).
After a 12-year absence from the handgun market, Remington announced theRemington 1911 R1 in 2010. It had previously ceased production of its last handgun, theModel XP-100R in 1998. Later in 2010, Remington introduced theVersa Max auto-loading shotgun. Its patented "Versa Port" system self-regulates gas pressure based on the length of the cartridge used, enabling the shotgun to shoot light2+3⁄4 in (70 mm) target loads, 3 in (76 mm) hunting loads, and3+1⁄2 in (89 mm) magnum hunting loads.
In 2012, Remington won a US Army contract to manufacture 24,000 M4A1 carbines at $673 per unit worth $16,163,252 total.[22]
In 2013, for the first time since 1928, Remington began to offer an air rifle, called the "Remington Express."[23]
On February 17, 2014, Remington announced a plan to build a new state-of-the-art plant inHuntsville, Alabama. Remington said it decided to move two production lines from theIlion, New York, plant as a result of the fallout from theNY SAFE Act, which restricted gun ownership in response to theSandy Hook Elementary School shooting.AR-15 style semi-automatic rifles fromBushmaster,DPMS, and Remington (R-15) and 1911 style R-1 pistols were produced in the plant. The plant was touted by Alabama's Department of Commerce Secretary and by Remington as a boon to Alabama's economy.[24] The president ofUnited Mine Workers Local 717, which represented workers at Ilion, expressed fears about the future of the New York facility and blamed theNY SAFE Act for the company's decision to favor Alabama over New York.[25] Subsequently, about 100 Remington jobs were shifted from New York to Alabama.[26]
Beginning in late 2017, Remington beganbankruptcy planning, having suffered declining sales and reputation; damage from an August 2017 exposé on the CBS news program60 Minutes about X-Mark Pro trigger defects linked to several deaths,[27] and amassed some $950 million worth of debt.[28][29] The low sales and debt were blamed on either a reduction in "panic-buying", or diminishing quality and reputation.[30] Remington filed for bankruptcy in March 2018,[31] and exited bankruptcy on May 17, 2018, less than two months later. The company's quick exit was due to a pre-approved restructuring plan supported by 97% of its creditors, which canceled all shares of common stock issued before the bankruptcy proceedings, and the issuance of new shares to convert over $775 million of company debt into equity.[32]
The families of nine victims and a teacher who were shot and survived the 2012Sandy Hook Elementary School shooting with a Remington Bushmaster rifle filed a wrongful death lawsuit in Connecticut state court seeking a jury trial to recover unspecified damages. The case was briefly moved to federal court before being referred back to the state court level. In 2016, the suit was initially dismissed by aConnecticut Superior Court citing the immunity provided to firearms manufacturers by the federalProtection of Lawful Commerce in Arms Act (PLCAA) of 2005. Remington's bankruptcy delayed the suit. On March 14, 2019, theConnecticut Supreme Court ruled, 4–3, that the suit's wrongful marketing claim could proceed to trial under Connecticut's Unfair Trade Practices Act (CUTPA) which addressed marketing including "truly unethical and irresponsible marketing practices promoting criminal conduct" and was not preempted by the PLCAA. TheUS Supreme Court declined to hear the case.[33][34][35][36][37][38][39][40][41] On February 15, 2022, it was announced that a $73 million settlement had been reached between the Sandy Hook families and Remington. The cost of the settlement was borne by insurers.[42][43]
On July 28, 2020, Remington filed again forChapter 11 bankruptcy protection,[44] and its assets were divided up and sold to various buyers, including:[2]
{{cite magazine}}: CS1 maint: multiple names: authors list (link)| International | |
|---|---|
| National | |
| Other | |
