Sandy Hook Gun-Maker Profits Up 52 Percent In Year Since Massacre
The past 12 months have been unimaginably horrible for the loved ones of the victims of the Sandy Hook massacre a year ago, but they have been just fine for the maker of the gun used in that mass killing.
Freedom Group, also known as Remington Outdoor Company, announced this week that its profits have risen by 52 percent in the year after the tragedy, in which 20 school children and six staff members at Sandy Hook Elementary School in Newtown, Conn., were killed with a Bushmaster XM15-E2S rifle made by Remington.
The company expects profits in 2013 to reach $235-240 million, up from $156.5 million in 2012, according to an annual financial report released on the company's website.
Cerberus Capital Management, a private-equity firm that owns Freedom Group, announced after the Sandy Hook massacre that it would sell its interest in the arms company. Despite public pressure, Cerberus has yet to do that.
It's been a great year for gun makers generally. Sturm Ruger, the largest US gunmaker, will report earnings up 52 percent and sales up 39 percent over the past year, according to the Financial Times.
Though more background checks are being conducted, it's getting easier than ever to own a firearm. Seventy state laws loosening gun restrictions have been passed since Newtown, compared to only 39 tightening them, according to an analysis by the New York Times.
And as Congress continually fails to pass gun control legislation, it's likely that weapons manufacturers will continue to rake in the cash.