Madison, NC -- Freedom Group, Inc., (FGI) through a wholly owned subsidiary has announced today that it has finalized an asset purchase agreement to acquire certain assets of Para USA, INC., (Para).
Founded in 1985, Para has built a solid and enviable reputation for innovation, performance and reliability. Firearms enthusiasts, serious shooting competitors and law enforcement agencies choose with confidence from a wide and growing variety of Para pistols. Para's revolutionary high capacity frame and light double action (LDATM) trigger systems, are part of the innovation that Para has brought to the world famous 1911 design.
"We welcome Para into the Freedom Group Family of Companies," stated. E. Scott Blackwell, Chief Sales and Marketing Officer of Freedom Group Inc. "Para USA is a leader in handgun technology and their fine products exemplify quality, innovation and performance. Para is a perfect complement to our industry-leading family of brands, and our success in 2011 with the Remington R1 - 1911. We look forward to deploying both human and financial resources to continue to develop and supply current and future handguns for consumers and our channel partners. We also wish to thank all its employees for their continued dedication that has made Para a success."
Para will continue day-to-day operations at their Pineville, NC based facility.
Steve at The Firearms Blog speculates that it won't be too long before operations are moved from Pineville to either Ilion, NY or Mayfield, KY where Remington has their main plants. I think it might depend on whether the Para-USA facilities will allow greater production of 1911's than the Ilion plant and at a lower cost per unit.
UPDATE: Jim Shepherd passed on this little tidbit in The Outdoor Wire about the acquisition.
Can't say a lot beyond the releases about FGI's intentions, but a note arrived late last night Para's longtime PR/Media contact Kerby Smith. In it, Smith offered a little insight into how things are shaping up -at least from his perspective.Steve at The Firearm Blog has more on this acquisition today as well. He mentions that two Para-USA employees were formerly senior level managers with Freedom Group.
"The company that I worked for is no longer active," Smith wrote, "and I am no longer employed...I assume that this e-mail will be shut down soon...It has been a great pleasure working with you for PARA USA, Inc."
The Para acquisition means Freedom Group has acquired a running pistol company with proven products to plug into as many of the FGI company lines as it pleases.
Para, if allowed to continue, will have access to FGI's extensive sales, marketing, dealer, and materials supply chain. About all that remains to be seen is how FGI will bring Para into the fold-and how they'll position Para products. For now, the official line is that Para USA will continue its day-to-day operations from its relatively new headquarters in Pineville, North Carolina.