Weekly Wrap: Historic Remington Factory to Close & NSSF Challenges ATF
RemArms is trading New York for Georgia, the NSSF takes on the ATF's proposed "engaged in the business" rule and Vista turns down offer from Colt/CZ.
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Welcome to a weekly series here on Pew Pew Tactical dedicated to the gun news you need to know.
So, keep reading for this week’s notable news headlines…
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Historic NY Remington Factory to Close
Remington is trading New York for the South, announcing its plan to move operations to Georgia.
RemArms announced the plans to consolidate firearms operations to LaGrange, Georgia, where the company’s planned global headquarters and R&D facility will soon sit.
Remington’s New York legacy started in 1816 and will officially end in March 2024. RemArms CEO Ken D’Arcy said the company intends to work with the facility's current employees to help with the transition.
“We are deeply saddened by the closing of the historic facility in Ilion,” D’Arcy said in a statement.
“We have a dedicated workforce at the Ilion facility, but maintaining and operating those very old buildings is cost prohibitive, and NY’s legislative environment remains a concern for our industry. In the coming months, we expect to be working with our Ilion employees and their representative on transition issues.”
The $100 million LaGrange facility, situated southwest of Atlanta, is expected to generate over 850 jobs in the state. Georgia currently houses gun makers like Daniel Defense, Heckler & Koch, and Taurus.
NSSF Urges Biden Administration to Rethink “Engaged in the Business” Rule
The National Shooting Sports Foundation, the firearm industry’s trade association, took on the Bureau of Alcohol, Tobacco, Firearms and Explosives in a 28-page public comment letter aimed at deterring the organization from creating a new rule that could handicap private sales.
The “Engaged in the Business” rule would require a federal firearms license to sell multiple guns within a 30-day period, amongst other limitations.
The rule underwent a public comment period where Americans could voice their opinions on proposed changes.
In the letter, the NSSF questioned the ATF’s authority to even change the rule. “Respectfully, ATF lacks the legal authority to do so,” the NSSF said in the letter.
“Adoption of the rule would frighten untold numbers of collectors and other persons not actually engaged in the business to obtain licenses create untold numbers of licensees (who could then obtain firearms at wholesale), divert ATF resources away from licensee inspections and industry service and compliance, distract ATF from bona fide criminal investigations, and harm both the legitimate firearm industry and ATF operations.”
The Proposed Rule is an outgrowth of the Bipartisan Safer Communities Act, signed into law in 2022. The Rule seeks to “clarify” the term “engaged in the business” as a firearms dealer at wholesale or retail.
Under the Rule, a person would be considered engaging in the business and, therefore, need an FFL if they meet the following terms:
- Sells or offers for sale firearms, and also represents to potential buyers or otherwise demonstrates a willingness and ability to purchase and sell additional firearms;
- Spends more money or its equivalent on purchases of firearms for the purpose of resale than the person's reported taxable gross income during the applicable period of time;
- Repetitively purchases for the purpose of resale, or sells or offers for sale firearms —
- Repetitively sells or offers for sale firearms —
- Former licensee (or responsible person acting on behalf of the former licensee) sells or offers for sale firearms that were in the business inventory of such licensee at the time the license was terminated
- Former licensee (or responsible person acting on behalf of a former licensee) sells or offers for sale firearms that were transferred to a personal collection of such former licensee or responsible person prior to the time the license was terminated, unless:
The comment period for the Rule closed on Dec. 7, 2023.
Colt/CZ Offers to Buy Vista Outdoor, Vista Declines
The Colt/GZ Group set its sights on Vista Outdoor, but the ammo juggernaut wasn’t keen on the proposal.
The unsolicited cash and stock offer was reportedly $30-per-share, but that wasn’t enough to entice the publicly traded Vista.
Vista announced last week that it had formally declined the offer. The company trades on the NYSE under VSTO and closed earlier this week at $27.73 per share.
"The Vista Outdoor Board continues to recommend the acquisition of the Sporting Products business by Czechoslovak Group a.s. ('CSG') and remains committed to acting in the best interests of Vista Outdoor stockholders," the company said in a statement.
Well known for its ammo brands like CCI, Federal, Remington, and Speer, Vista intends to forge on with its decision to sell off those brands, as well as its other ammo brands, to CSG in a $1.91 billion deal expected to close in 2024.
We covered that in a previous edition of Weekly Wrap, so to learn more, click here!