North Carolina gunmaker Remington Arms is acquiring Marlin Firearms Co., which has been making weapons since 1870.
Madison-based Remington said the deal for Marlin is expected to close by the end of January. No financial terms have been released.
Marlin Firearms produces rifles, shotguns and muzzle loaders and other firearms at plants in North Haven, Connecticut, and Gardner, Massachusetts
Marlin was started by John M. Marlin, who had worked at the Colt plant in Hartford before opening his own business in New Haven with a line of revolvers and derringers.
Under the agreement, Robert Behn will remain as president of Marlin.
WRAL [hattip: The Firearm Blog]
On April 6, 2007 it was announced that Remington Arms would be sold to a private equity firm, Cerberus Capital Management, for $118 million. The news comes due to the fact that Remington is millions of dollars in debt and did not report a profit during the years 2003-2005.