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The Czech-based parent company of CZ and Connecticut’s Colt have come to an agreement, with CZ becoming incrementally more American.<\/p>\n
The Cesk\u00e1 Zbrojovka Group (CZG) will acquire a 100-percent stake in historic Colt\u2019s manufacturing company and its Canadian subsidiary. CZG has agreed to a cash and stock deal that includes $220 million upfront and the issue of just over 1 million shares of newly issued common stock. The combined group will have annual projected revenues of over $500 million.<\/p>\n
Poetrooper sends.<\/p>\n
By Kipp Jones<\/strong><\/p>\n The 185-year reign for Colt as a uniquely American company is over after the gun manufacturer announced it was bought this week by a European competitor.<\/p>\n Czech firearms company Ceska Zbrojovka Group purchased the company for $220 million in cash and stock \u2014 and ended an American tradition in doing so.<\/p>\n \u201cSubject to the terms and conditions of the definitive agreement, CZG shall acquire a 100% stake in Colt for upfront cash consideration of $220 million and the issuance of 1,098,620 shares of newly issued CZG common stock,\u201d CZG wrote in a news release. \u201cThe agreement also provides for potential earnout consideration of up to 1,098,620 shares of newly issued CZG common stock \u2026\u201d<\/p>\n CZG chair Lubom\u00edr Kova?\u00edk commented on the sale, as did Colt CEO Dennis Veilleux.<\/p>\n \u201cThis merger is a strategic step for both companies. The acquisition of Colt, an iconic brand and a benchmark for the military, law enforcement and commercial markets globally, fits perfectly in our strategy to become the leader in the firearms manufacturing industry and a key partner for the armed forces,\u201d Kova?\u00edk said.<\/p><\/blockquote>\n Colt has been suffering from self-inflicted wounds ever since it’s design patents ran out. Sad, but this or Colt will be a memory. Read the entire article here: Western Journal<\/a>
\nThanks, Poe.<\/p>\n","protected":false},"excerpt":{"rendered":"