WIBX950.COM October 6, 2020 – As the dust continues to settle on the bankruptcy sale of Remington Arms, it has become public that there was a lone bidder that was willing to buy the entire company, but it came in late and as a result, the Alabama judge handling the bankruptcy ruled it null and void.
That ruling last week, freed a handful of buyers to pick and choose the part of Remington they’re interested in, piece by piece. Now, one week later, we’re still wondering what all of this means for workers and the local economy.
The sale has multiple buyers, seven in all. Ruger purchased the Marlin line, Franklin purchased Bushmaster, Sportsman’s Warehouse purchased Tapco, and JJE bought Parker brands. Two ammunitions divisions were sold to two different companies and the big winner was Vista Outdoor which spent $81.4 million on an ammunitions plant in Arkansas and most notably, the Remington name and trademarks. Obviously, the Vista deal is a valuable one.
That brings us to Ilion, the birthplace of Remington and the home of the firearms plant for more than 200 years. The Ilion plant, the museum and steam power facility, along with a barrel-making plant in Lenore City, Tennessee, have been purchased for $13 million by the Roundhill Group, LLC, which has offices in Pennsylvania and Florida. Unfortunately, we know very little about the Roundhill Group, but some information is starting to filter out which seems positive for Ilion, that is, as long as we’re willing to be patient.
Last week, the Roundhill Group released a press release which identified their intentions and offered a little glimpse into the future of Ilion’s workforce, which has been mostly furloughed for more than a week now. The release came from Jeff Edwards, who is named as a Roundhill Group partner and spokesperson.
“As is known, Roundhill Group LLC and a group of experienced firearms manufacturing and hunting industry professionals is in the process of purchasing Remington Firearms.” “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.”
Edwards went on to refer to Remington Firearms as the Harley Davidson of the firearms industry and he talked about how much the brand means to him and the other partners in the group.
“Remington, to me, represents the Harley Davidsons of the hunting firearms industry. It is one of the oldest firearms companies and to have this opportunity to invest my time and energy to revitalize the brand that I love and truly believe in is a dream come true. I can’t wait for the day when it has the loyalty, prestige and following it once had. It won’t be long. Just wait and see.” [full article]