Tags: Gun Control | Gun Rights | Remington | job cuts | firearm | gun

Remington Cuts Jobs as Sales Slow With Obama Out of Office

Remington Cuts Jobs as Sales Slow With Obama Out of Office
(Source: Remington.com)

By    |   Tuesday, 14 March 2017 01:41 PM

Remington Outdoor Co., the U.S. firearms company that’s more than 200 years old, cut 11 percent of its workforce in upstate New York because of falling sales.

Donald Trump’s presidential victory on a campaign that supported gun ownership rights has eased worries of tighter restrictions that helped to drive record sales during the Obama administration.

“The March 8 layoffs are a hit for Ilion, N.Y., where Remington has operated a plant since the 19th century,” The Wall Street Journal reported, citing an interview with Mayor Terry Leonard. The town is located about 60 miles east of Syracuse.

The plant has 960 employees after cutting 120 people, the mayor said. The town has worried that Remington would close the plant after opening a factory in Huntsville, Ala., three years ago.

“Demand for guns hit a record in 2016 when the Federal Bureau of Investigation processed 27.5 million background checks, which financial analysts use as a proxy measurement for sales,” the newspaper reported. “But in January and February, the FBI processed 17 percent fewer checks than in the same period the year before. Though the 4.3 million checks in January and February this year outpaced the 3.6 million conducted in the same period two years ago.”

 Remington, which is indirectly owned by private equity firm Cerberus Capital Management, reported sales gains during the Obama administration. Its sales grew 7.7 percent annually to $644 million during the first nine months of 2016, the latest data available in a government filing.

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Remington Outdoor Co., the U.S. firearms company that's more than 200 years old, cut 11 percent of its workforce in upstate New York because of falling sales.
Remington, job cuts, firearm, gun
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2017-41-14
Tuesday, 14 March 2017 01:41 PM
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