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Remington Arms' parent company selling all its firearms manufacturing interests

By JOLEEN FERRIS

Story Created: Dec 18, 2012 at 2:25 PM EDT

Story Updated: Dec 18, 2012 at 6:08 PM EDT

ILION, N.Y. (WKTV) - The parent company of Remington Arms in Ilion is selling their group of firearms manufacturers, including Remington Arms.

In a statement about the sale, Cerberus Capital Management LP first expresses sadness about the shooting at Newtown, Connecticut's Sandy Hook Elementary School. One of Cerberus' manufacturers, Bushmaster Firearms International, makes the rifle authorities say was used in Friday's shooting, which killed 26 people, including 20 children.

"It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level. The debate essentially focuses on the balance between public safety and the scope of the Constitutional Rights under the Second Amendment. It is not our role to take positions, or attempt to shape or influence the gun control policy debate. There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group"

It is not yet clear what, if anything, the sale could mean to the people working at Remington Arms-one of Herkimer County's largest employers.

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