A Czech firearms company has signed a deal to obtain Colt, an American firearms manufacturer with roots in the 19th century, the Associated Press reported Friday.
Czech company Ceska Zbrojovka announced Friday that it had bought remaining shares in Colt Holding Company LLC in what amounted to a $220 million deal, according to the AP. Ceska Zbrojovka expects the transaction to be finalized in the second quarter of 2021.
“With this strategic move, CZ Group will acquire significant production capacity in the United States and Canada and substantially expand its global customer base,” the Czech company announced in a statement.
Colt Model 1851 Navy Percussion Revolver, serial no. 2 (MET Museum)
Named after inventor and company founder Samuel Colt, Colt Manufacturing Company LLC dates back to 1836, when Samuel Colt was issued a U.S. patent for the first Colt firearm and built his first factory, according to the company’s website.
The company secured its success in the mid-19th century with the popularization of the now famous Colt revolver, a weapon that was said to have “won the West” back in the day for its innovative design and inclusion of an automatic, revolving chamber, according to PBS.
The company has since supplied the U.S. military and other countries with its weapons, the AP reported. (RELATED: ATF Agents Raid Gun Maker For Selling Build-It-Yourself Firearms)
Colt Holding Company LLC is the parent company of Colt’s Manufacturing Company LLC and its Canadian subsidiary, Colt Canada Corp, according to the AP.
Ceska Zbrojovka employs approximately 1,650 workers in the Czech Republic, United States and Germany, the AP shared.