Gun maker to acquire Marlin Firearms

Discussion in 'Firearms' started by E.L., Dec 30, 2007.

  1. E.L.

    E.L. Moderator of Lead Moderator Emeritus Founding Member,0,6581293.story

    HARTFORD, Conn. - Remington Arms Co. Inc. will acquire Marlin Firearms Co. in a deal that brings together two firearms companies founded in the 19th century that serve a range of customers from police to hunters.

    Remington, bought by Cerberus Capital Management in April, manufactures guns and ammunition for hunting, law enforcement, security, government and the military. The privately held Remington reported third-quarter sales of $157 million.

    A spokesman for Madison, N.C.-based Remington would not comment on whether the company plans additional acquisitions. Calls to Cerberus were not immediately returned.

    Marlin, also privately held, manufactures long guns, including shoulder arm designs and lever action rifles. Marlin's lever action .22 repeater, now the Model 39, became the favorite of many exhibition shooters, including Annie Oakley.
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    Frank Kenna III, chairman of North Haven-based Marlin, said finding a buyer for the 83-year-old family-run business was an important next step.

    "We knew it was time to find the right partner for Marlin to ensure our brands maintain their leadership positions and move into the next century," he said.

    Kenna cited Remington's "resources from a manufacturing and sales and marketing position" as attractive qualities for the acquisition.

    Marlin, founded in 1870 and sold in 1924 to Frank Kenna Sr., also owns the Harrington and Richardson, New England Firearms and LC Smith brands of rifles and shotguns.

    Under the agreement, Robert Behn will remain president of Marlin. The deal is expected to close in January. Terms were not disclosed.

    Remington, which was founded in 1816, once also manufactured typewriters, sewing machines and cash registers.

    "The opportunity to combine two historic U.S.-based companies with such storied and proud histories is both challenging and exhilarating," Tommy Millner, Remington's chief executive, said in a statement.

    The acquisition is another turn in Connecticut's long history in the gun manufacturing industry.

    George Washington nicknamed Connecticut the "provision state" during the Revolutionary War because it furnished his army with beef, salt, flour and gunpowder.

    A half-century later, Eli Whitney, using a government contract, became the state's first gun manufacturer, said Walter Woodward, Connecticut's state historian and an assistant professor of history at the University of Connecticut. Sam Colt later founded one of the largest U.S. gun manufacturers in Connecticut.

    "The roots of Connecticut's firearms industry are deep and go back a long way," Woodward said. "Out of that came a historic connection between American industry and American defense."

    Iron mined from northwest Connecticut was well suited for firearms production, he said.

    The deal will provide both companies access to areas that now are beyond their reach in the $4.1 billion industry, said Chris Dolnack, senior vice president at the National Shooting Sports Foundation, a trade group in Newtown.

    Remington will be able to tap into Marlin's niche of lever-action rifles and Marlin can work with a much larger company with a full line of shotguns, ammunition and rifles, Dolnack said.

    "I think it's typical of what you see in most industries right now," he said. "There's some consolidation for sure, not only on the firearms side but also in accessories as well."

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  2. Blackjack

    Blackjack Monkey+++

  3. Seawolf1090

    Seawolf1090 Retired Curmudgeonly IT Monkey Founding Member

    Hmmm . . . they shafted Billy Gates for monopolizing. I guess he didn't have the Big Gubmint Defense Contracts to protect his business interests . . .

    Can cheap, poorly finished Russian-made leverguns be far behind?
  4. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    Steve Feinberg

    <!-- start content -->Stephen A. Feinberg (March 29 - Wikipedia, the free encyclopedia, 1960 - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Greensboro_sit-in_counter.jpg" class="image"><img alt="" src=""@@AMEPARAM@@commons/thumb/4/4d/Greensboro_sit-in_counter.jpg/220px-Greensboro_sit-in_counter.jpg - ) is an United States - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Flag_of_the_United_States.svg" class="image" title="Flag of the United States"><img alt="" src=""@@AMEPARAM@@commons/thumb/a/a4/Flag_of_the_United_States.svg/125px-Flag_of_the_United_States.svg.png businessman active in the field of Private equity - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Assorted_United_States_coins.jpg" class="image"><img alt="Assorted United States coins.jpg" src=""@@AMEPARAM@@commons/thumb/5/5e/Assorted_United_States_coins.jpg/160px-Assorted_United_States_coins.jpg. He is the founder and head of Cerberus Capital Management - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Cerberus_logo.png" class="image" title="Cerberus Capital Management"><img alt="Cerberus Capital Management" src=""@@AMEPARAM@@en/6/65/Cerberus_logo.png.
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    Feinberg was born in the Bronx, NY. At eight his family moved to Spring Valley, a relatively poor suburb of New York City - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Flag_of_New_York_City.svg" class="image" title="Flag of New York City"><img alt="" src=""@@AMEPARAM@@commons/thumb/b/ba/Flag_of_New_York_City.svg/100px-Flag_of_New_York_City.svg.png. His father was a steel salesman.
    He attended Princeton University - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:princetonShield.png" class="image"><img alt="" src=""@@AMEPARAM@@en/9/93/PrincetonShield.png in New Jersey - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Flag_of_New_Jersey.svg" class="image" title="Flag of New Jersey"><img alt="Flag of New Jersey" src=""@@AMEPARAM@@commons/thumb/9/92/Flag_of_New_Jersey.svg/125px-Flag_of_New_Jersey.svg.png, graduating with a degree in politics in 1982. While there, he captained the Tennis - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:US_Open_2007,_Maria_Sharapova_serving.jpg" class="image"><img alt="US Open 2007, Maria Sharapova serving.jpg" src=""@@AMEPARAM@@commons/thumb/e/ed/US_Open_2007%2C_Maria_Sharapova_serving.jpg/300px-US_Open_2007%2C_Maria_Sharapova_serving.jpg team and joined the Reserve Officers' Training Corps - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:US_Navy_NRTOC_040508-N-2383B-377.jpg" class="image"><img alt="" src=""@@AMEPARAM@@en/thumb/4/4d/US_Navy_NRTOC_040508-N-2383B-377.jpg/200px-US_Navy_NRTOC_040508-N-2383B-377.jpg, but did not have a lot of friends on account of his intense privacy.

    After graduating from university, Feinberg worked as a trader at Drexel Burnham Lambert - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Drexel_Burnham_logo.png" class="image" title="Drexel Burnham logo"><img alt="Drexel Burnham logo" src=""@@AMEPARAM@@en/thumb/9/96/Drexel_Burnham_logo.png/220px-Drexel_Burnham_logo.png and Gruntal & Co.
    In 1992 Feinberg teamed up with William L. Richter to found Cerberus Capital Management - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Cerberus_logo.png" class="image" title="Cerberus Capital Management"><img alt="Cerberus Capital Management" src=""@@AMEPARAM@@en/6/65/Cerberus_logo.png with just $10 million under management. Cerberus has prospered, and Feinberg has been at the helm of the firm since its founding.

    Feinberg is a very private person, and never grants interviews or photographs to the media. Despite his considerable personal wealth (Feinberg reportedly made $50 million in 2004) he does not indulge in luxury.<SUP class=reference id=_ref-0>[1]</SUP> He lives on Manhattan - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:NYC_wideangle_south_from_Top_of_the_Rock.jpg" class="image" title="Midtown Manhattan as seen from the GE Building."><img alt="" src=""@@AMEPARAM@@commons/thumb/8/80/NYC_wideangle_south_from_Top_of_the_Rock.jpg/250px-NYC_wideangle_south_from_Top_of_the_Rock.jpg's Upper East Side - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Question_book-new.svg" class="image"><img alt="Question book-new.svg" src=""@@AMEPARAM@@en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png with his wife Gisela and their three daughters.
    His hobbies include Game (food) - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Question_book-new.svg" class="image"><img alt="Question book-new.svg" src=""@@AMEPARAM@@en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png Hunting - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:37-svaghi,_caccia,Taccuino_Sanitatis,_Casanatense_4182..jpg" class="image"><img alt="" src=""@@AMEPARAM@@commons/thumb/9/90/37-svaghi%2C_caccia%2CTaccuino_Sanitatis%2C_Casanatense_4182..jpg/280px-37-svaghi%2C_caccia%2CTaccuino_Sanitatis%2C_Casanatense_4182..jpg, Chess - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:ChessSet.jpg" class="image"><img alt="A selection of black and white chess pieces on a chequered surface." src=""@@AMEPARAM@@commons/thumb/6/6f/ChessSet.jpg/250px-ChessSet.jpg, Skiing - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Skier-carving-a-turn.jpg" class="image"><img alt="" src=""@@AMEPARAM@@commons/thumb/0/03/Skier-carving-a-turn.jpg/300px-Skier-carving-a-turn.jpg, and riding his Harley-Davidson Motorcycle - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Triumph_T_110_650_cc_1954.jpg" class="image"><img alt="" src=""@@AMEPARAM@@commons/thumb/8/85/Triumph_T_110_650_cc_1954.jpg/300px-Triumph_T_110_650_cc_1954.jpg. Steve and Gisela Feinberg are prolific donors to the Republican Party (United States) - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Republicanlogo.svg" class="image"><img alt="Republicanlogo.svg" src=""@@AMEPARAM@@en/thumb/9/9b/Republicanlogo.svg/200px-Republicanlogo.svg.png and related organizations. Former Republican Vice President of the United States - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:US_Vice_President_Seal.svg" class="image"><img alt="US Vice President Seal.svg" src=""@@AMEPARAM@@commons/thumb/9/90/US_Vice_President_Seal.svg/100px-US_Vice_President_Seal.svg.png Dan Quayle - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Dan_Quayle-crop.jpg" class="image" title="Dan Quayle"><img alt="" src=""@@AMEPARAM@@commons/thumb/a/a8/Dan_Quayle-crop.jpg/250px-Dan_Quayle-crop.jpg works for Cerberus as Chairman of Global Investments and former United States Secretary of Defense - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:United_States_Department_of_Defense_Seal.svg" class="image"><img alt="United States Department of Defense Seal.svg" src=""@@AMEPARAM@@commons/thumb/e/e0/United_States_Department_of_Defense_Seal.svg/100px-United_States_Department_of_Defense_Seal.svg.png Donald Rumsfeld - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Rumsfeld1.jpg" class="image" title="Donald Rumsfeld"><img alt="" src=""@@AMEPARAM@@commons/thumb/1/17/Rumsfeld1.jpg/250px-Rumsfeld1.jpg is a client.
  5. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    It cant be a good thing to have one owner of the Firearms industry.
    Makes it one stop shopping to shut it down for the anti’s.
  6. Seacowboys

    Seacowboys Senior Member Founding Member

    or one really big decision to sell only to .gov or police, other that "Sporting" arms.
  7. hartage

    hartage Monkey+++

    This can't be a good thing for our pocketbooks. These same gunmakers used to have to face the pressure marlin put on the industry price wise. Now that they control that pressue prices will inevitably rise. One less gun maker holding prices down is never a good thing.
  8. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Cerebrus just purchased Chrysler from Daimler Benz. I thought there was a dry capital market?
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