Posted on 03/25/2017 3:49:43 PM PDT by 2ndDivisionVet
Colt's Manufacturing Co., the gun maker that emerged from bankruptcy last year, is purchasing its West Hartford headquarters and manufacturing plant as part of a $23 million investment in Connecticut, Gov. Dannel P. Malloy said Friday.
Colt's intends to keep its workforce of 600 workers and create 100 jobs over five years, Malloy said. The state Department of Economic and Community Development is providing a $10 million loan, with as much as $2 million forgiven if Colt's meets job milestones.
The manufacturing facility and the land have a price of $13 million.
Colt's, which sells guns to the military, police and civilian customers, has designed and made manufactured firearms in Connecticut since 1847. The expansion ensures it keeps its headquarters in the state, Malloy said.
Chief Executive Officer Dennis Veilleux did not return a call seeking information about the deal. In a statement, he said Colt is trying to transform the business.
"Acquiring our headquarters and facility is a key part of this strategy," he said.
Malloy criticized the gun industry following the shooting deaths of 20 children and six educators in Newtown in December 2012. The industry opposed the governor's legislation tightening gun rules the following year.
In a news release issued by his office Malloy said Colt's agreed to provide financial support for Project ChildSafe, a gun safety and education program of the National Shooting Sports Foundation.
Colt's will sponsor seminars supporting Connecticut law enforcement firearms safety initiatives, include safety messaging in key marketing initiatives and add a safety section on the Colt website with safety videos, a focus on safe firearms handling, safety at the range and safe storage in the home.
Welcome news, but why they stay in an anti-gun state, is beyond me.
Malloy will try to force Colt into manufacturing unicorns and rainbows. Instead of firearms.
Now he's paying a gun-maker to stay. What a putz.
So, the Gov wants Colt to make guns, but just doesn’t want anyone to buy them?
They must be expecting to sell some of those new revolvers.
I reside in the State of Connecticut and I’m happy that Colt’s Patent Firearms has returned from bankruptcy but since Connecticut is an Anti-Second Amendment state I will not be buying any of their products.
I’ll buy a weapon made by any company as long as they are not headquartered here in Connecticut.
They want Colt to make guns for the government.
They aren’t making anything I want to buy at a price I want to pay. And they’re staying in Connecticut. Shame that.
I must be terribly uninformed, but how could any gun manufacturer have gone bankrupt in the last eight years?
Well, "today's Colt" sounds like they have chosen to stay in the land of Lord Malloy, so I would imagine they will ask "how high?" when he tells them to jump, be it "smart guns" or whatever the latest wedge the hoplophobes can come up with.
Mr. niteowl77
Especially when they had an option on a facility down in Central Florida...or did before the bankrupcy.
Sounds like they suffer from mis-management.
They make guns that are pretty illegal in their own state. What a shame.
Colt had the government contract for the M-4 for many years but lot it to FN a few years ago.
Not at hat price.
CC
“that” price.
Sheesh.
CC
Obama was the Gun Salesman of the Decade.
World-class example of wishful thinking.
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