dChan - Q Origins Project Archive

Colt Firearms Being Acquired by CZG Firearms via Cash, Stock Purchase

https://www.breitbart.com/sports/2021/02/12/colt-firearms-acquired-czg-firearms-cash-stock-purchase/

Colt Holding Company (Colt) and subsidiary Colt Canada Corporation are being acquired by Česká zbrojovka Group (CZG), owners of CZ-USA.

A Colt press releases says “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.”

Lubomír Kovařík, President and Chairman of CZG, commented on the February 11, 2021, announcement, saying:

This 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. We are proud to include Colt, which has stood shoulder-to-shoulder with the U.S. Army for over 175 years, in our portfolio. We believe in the successful connection of our corporate cultures, the proven track record of the current management team and the complementary nature of the CZ and Colt brands. The combined group will have revenues in excess of USD 500 million and presents a real small arms powerhouse. The experience of CZ and Colt management will further strengthen both brands and ensure CZ and Colt continue to deliver top quality products and solutions to all our customers.

Another American Icon gone.

CZ makes quality arms, so there's that.