FILE - In this March 27, 2008, file photo, M4 Colt rifles are produced at the Colt Defense Plant in Hartford, Conn. The 179-year-old gun maker filed for chapter 11 bankruptcy on Sunday, June 14, 2015, estimating it owes up to $500 million. Analysts cite several reasons behind Colt's bankruptcy filing, including struggles to recover from the loss of military business and failure to capitalize on consumer interest in guns.
Richard Lardner / Associated Press
In this Dec. 17, 2014 photo, a blue onion-shaped dome sits atop Samuel Colt's 19th century gun factory in Hartford, Conn., and is perhaps the best known symbol of a bygone era. As the decade-long push to make a national park out of the now-closed gun factory won approval in Washington, elected officials hailed the project as a way to boost one of Hartford's poorest neighborhoods and honor the revolver as a marvel of manufacturing. Notably absent was Colt's Manufacturing Co. _ the company that, somewhat uncomfortably, remains based today in a state still reeling from the Newtown shootings and now sporting some of the nation's strictest gun laws. (AP Photo/Michael Melia)
Michael Melia / Associated Press
FILE -- In this July 22, 2008 file photo, the blue dome of the former Colt firearms factory sits atop the Coltsville complex in Hartford, Conn. The 179-year-old gun maker filed for chapter 11 bankruptcy on Sunday, June 14, 2015, estimating it owes up to $500 million. Analysts cite several reasons behind Colt's bankruptcy filing, including struggles to recover from the loss of military business and failure to capitalize on consumer interest in guns. (AP Photo/Bob Child, File)
Bob Child / Associated PressA Czech gun maker announced an agreement to acquire the parent company of Colts Manufacturing, the iconic brand based in West Hartford whose revolver “won the West” in American lore.
Česká Zbrojovka Group SE indicated plans to pay $220 million in cash and 1.1 million shares of its stock for Colt Holding Company LLC, with possible additional shares depending on Colt’s future profitability. The combined company would have $500 million in annual revenue and “presents a real small arms powerhouse,” in the words of CZG’s chairman Lubomír Kovařík in a company press release.
The deal would be subject to U.S. regulators.
“The acquisition of Colt, an iconic brand and a benchmark for the military, law enforcement and commercial markets globally, fits perfectly in our strategy to become the leader in the firearms manufacturing industry and a key partner for the armed forces,” Kovařík was quoted saying. “We are proud to include Colt, which has stood shoulder-to-shoulder with the U.S. Army for over 175 years, in our portfolio.”
Samuel Colt received his first revolver patent in 1836, with the company continuing to thrive under his successor Elisha Root after Colt’s death in 1862.
Samuel Clemens would use Colt’s Hartford factory as an inspiration for “A Connecticut Yankee in King Arthur’s Court,” published under his Mark Twain pen name. The story’s protagonist travels back in time to the court of King Arthur and wins influence through engineering techniques learned at the plant.
Splitting into separate companies in 2002 with Colt Defense taking on military contracts — Colt was the original developer of the M16 assault rifle long used by the U.S. military — Colt would merge anew in 2013 only to file for bankruptcy two years later.
Alex.Soule@scni.com; 203-842-2545; @casoulman
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Iconic Connecticut gun maker Colt sold to Czech company - CTPost
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