Gun manufacturer Colt announced Thursday that it will no longer produce and sell rifles such as the AR-15 for personal use. Colt President and CEO Dennis Veilleux said in a statement that the company's "significant" law enforcement and military contracts "are absorbing all of Colt’s manufacturing capacity for rifles." He said that "the market for modern sporting rifles has experienced significant excess manufacturing capacity." "Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future," he added. SNIP