The Norman Transcript

Headlines

December 19, 2012

Investors turn against gun makers

MINNEAPOLIS — Investors shunned some of the nation’s largest gun makers Tuesday, putting up for sale the manufacturer of the Bushmaster semiautomatic rifle used in the Connecticut school shooting and worrying that the attack could soon bring stricter gun laws.

Stocks of other gun companies fell, and one sporting-goods chain said it would temporarily stop sales of military-style firearms. In Washington, some former opponents of gun control signaled that they may change their position, potentially giving stricter gun laws their best chance of passage in years.

The most notable rejection of the gun industry came when the private-equity firm Cerberus Capital Management announced it would sell the maker of the rifle used in the massacre, which it called a “watershed event.”

The shooting “raised the national debate on gun control to an unprecedented level,” Cerberus said in a news release. “We are investors, not statesmen or policy makers.”

In an acknowledgment of the changing political climate, the National Rifle Association promised “to offer meaningful contributions to help make sure this never happens again.” It scheduled a Friday news conference.

Bushmaster, Remington and DPMS are among the brands made by Freedom Group Inc., the largest firearms maker in the U.S.

The Madison, N.C., company sold 1.1 million rifles and shotguns last year, along with 2 billion rounds of ammunition. Its customers include law enforcement and military agencies, as well as retailers who serve hunters and gun enthusiasts.

Cerberus, a large private-equity firm best known for investing in Chrysler and other troubled corporations, appeared to have been under pressure from two sources: investors and the threat of more gun control.

Officials at California’s huge teacher pension fund said they were reviewing a $600 million investment in Cerberus in light of the Connecticut shooting. Through its stake in Cerberus, the California State Teachers’ Retirement System owns a 2.4 percent stake in Freedom Group.

Pension fund spokesman Michael Sicilia confirmed the fund owns about $4 million in shares of Sturm Ruger & Co. and $1.7 million in Smith and Wesson.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Headlines
  • Bridge Businesses try to survive while bridge is closed

    Ray Cole wonders every day if his business will have to close. Cole is one of many Lexington and Purcell business owners struggling financially since the 76-year-old James C. Nance Memorial Bridge closed Jan. 31. The Oklahoma Department ...

    April 15, 2014 1 Photo

  • Storm scavengers now could face felony charges

    OKLAHOMA CITY— It wasn’t long after a devastating tornado hit Moore last year that scavengers were circling the wreckage. Already reeling, Moore residents had a new concern — fending off looters....

    April 15, 2014

  • Norman teachers excited about professional development

    Norman Public Schools’ teachers are focused on students and want to take advantage of professional development, Beth Spears, director of Staff Development and Student Achievement, said was the overall response teachers had to a recent ...

    April 15, 2014

  • Social justice dialogue part of University of Oklahoma program

    The University of Oklahoma kicked off Justice Week with a public forum Monday titled “Luis Rodriguez: No en Vano.” Critically acclaimed author, Esmeralda Santiago discussed the “Transformative Power of Art,” while joining five panelists ...

    April 15, 2014

  • Oklahoma’s 8-month streak without tornado falls

    TULSA — After Oklahoma’s eight-month streak without a tornado was snapped this weekend by a pair of suspected twisters, the state’s wild weather jag continued into Monday, with blowing snow from the Panhandle to Tulsa and freezing ...

    April 15, 2014

  • County hears presentation on employment opportunities

    The Cleveland County Board of Commissioners listened to a presentation Monday to consider partnering with a nonprofit that provides employment opportunities for prison inmates re-entering the community. Patrick Viklund, Center for ...

    April 15, 2014

  • 4 now charged in college player’s death

    OKLAHOMA CITY — A fourth person was charged Monday in the death of an Australian baseball player who was fatally shot as he jogged in a southern Oklahoma neighborhood last summer....

    April 15, 2014

  • Questions linger year after bombs

    BOSTON — A surveillance video shows a man prosecutors say is Dzhokhar Tsarnaev placing a bomb near the finish line of the Boston Marathon, just yards from where an 8-year-old boy was killed when it exploded....

    April 15, 2014

  • Fallin signs minimum wage increase ban

    OKLAHOMA CITY — Cities across Oklahoma are now prohibited from establishing mandatory minimum wage or vacation and sick-day requirements under a bill signed into law Monday by Gov. Mary Fallin....

    April 15, 2014

  • Police log

    Police responded to the following incidents Sunday: · 12:03 a.m. vandalism, 100 block of 12th Avenue Southeast · 6:42 a.m. burglary report, 300 block of 12th Avenue Southeast · 9:21 a.m. vandalism, 1500 block of North ...

    April 15, 2014

Video
Facebook