US arms manufacturer Colt goes Czech

finance

The Ceska Zbrojovka Group will soon be on the trigger.

US arms manufacturer Colt goes Czech

The legendary US arms manufacturer Colt comes into Czech hands. The arms manufacturer Ceska Zbrojovka Group (CZG) announced on Friday night that a “definitive agreement” had been signed to acquire all of the shares in the US competitor. For this, the Czechs are ready to put down 220 million dollars (181 million euros) in cash as well as more than one million new treasury shares.

The deal has yet to be approved by the competition authorities. The transaction is expected to be completed in the second quarter of 2021, it said.

“This merger is a strategic step for both sides,” said CZG President Lubomir Kovarik. They are proud to have “such an iconic brand” in their product portfolio in the future. The strategic combination of the two companies opens up significant growth opportunities, emphasized Colt CEO Dennis Veilleux. Colt is known for the drum revolver developed by company founder Samuel Colt in the early 19th century. The company has been a supplier to the US Army for more than 175 years and also supplies the Canadian armed forces.

The Czech CZ Group is one of the largest manufacturers of handguns in Europe. It employs around 1,650 people in the Czech Republic, Germany and the USA. The products are sold under the brands CZ, Dan Wesson, Brno Rifles and 4M Systems. The company emerged from the privatization of a former state armaments company.

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