Foreign IT Company Gobbles Up Top US Ammunition Manufacturers - Remington, Federal, CCI and Others Sold Off
By Michael Schwarz
October 20, 2023 at 9:44am
Even in peaceful times, Americans take a healthy interest in the companies that manufacture their weapons and ammunition. In the present state of the world, that interest should only intensify.
On Monday, Vista Outdoor of Anoka, Minnesota, announced in a news release that it had sold its Sporting Products business to the Czechoslovak Group. Based in Prague, the capital of the Czech Republic, CSG operates as “a leading industrial technology holding company.”
Yahoo Finance reported that CSG’s newly acquired business includes major U.S. ammunition manufacturers Remington, Federal, CCI, Hevi-Shot and Speer. It described CSG’s move as “the largest acquisition in the history of the Czech defense industry.”
Michal Strnad, CSG’s 30-year-old billionaire owner and CEO, expressed a determination to grow the Sporting Products business.
“We look forward to building on the company’s success in delivering innovative, quality products and are confident in the long-term value we can create together,” Strnad said in a statement in the Vista Outdoor release. He added a commitment “to expanding their legacy of U.S. manufacturing and providing resources to accelerate their growth.”
Meanwhile, Sporting Products CEO Jason Vanderbrink embraced the CSG acquisition and echoed the commitment to U.S. manufacturing.
“The company is fully committed to our iconic American brands and expanding our legacy of U.S. manufacturing, support for military and law enforcement customers, and investments in conservation and our hunting and shooting heritage,” Vanderbrink said. “We are excited to work closely with the CSG team as we enter this next phase and position our brands for long-term success.”
Thus, as one might expect, the Czech billionaire seemed most interested in making money by creating “long-term value.” No doubt Vanderbrink and other Sporting Products officials appreciated additional “resources” in the form of capital infusion.
https://www.westernjournal.com/foreign-company-gobbles-top-us-ammunition-manufacturers-remington-federal-cci-others-sold-off/