Investment Firm To Acquire Remington For $118 Million

North Carolina-based firearms manufacturer Remington Arms Company says it's agreed to be acquired by New York investment firm Cerberus Capital Management for 118 million dollars.

Remington said yesterday that Cerberus will also assume Remington's 252 million dollar debt in the deal.

The Madison-based Remington designs and produces guns and ammunition for hunting, law enforcement and the military. Cerberus Capital is one of the world's leading private investment firms and anages 23-point-five billion dollars in assets.

Remington expects the transaction to close in June.