Remington misfire? Morgan out $1M as gunmaker faces bankruptcy, - WAFF-TV: News, Weather and Sports for Huntsville, AL

Remington misfire? Morgan out $1M as gunmaker faces bankruptcy, low employment

(Source: Jeronimo Nisa/Decatur Daily) (Source: Jeronimo Nisa/Decatur Daily)

Morgan County completed payment of $1 million in incentives for the Remington plant in Huntsville last month. The company, which has not met the employment goals it agreed to for its plant, this month announced it would declare a reorganization bankruptcy.

The incentive agreement approved unanimously by the Morgan County Commission in March 2014 was presented to it by the Huntsville Industrial Development Board. Unlike the 23-page project agreement with multiple exhibits between Huntsville and Remington, the four-page incentive agreement includes no employment targets. 

“It’s a 100-year-old company and it’s been around for awhile,” Morgan County Commission Chairman Ray Long said. “Guns are popular, and the Remington brand is very popular. Our conversations when we were being asked to be a part of this was that Remington was going to have over 2,000 employees, somewhere around 2,400 or 2,500 I believe. That hasn’t happened evidently.”

The Huntsville plant, located in Madison County, employs about 500, according to Chip Cherry, Huntsville IDB secretary and Madison County Chamber of Commerce CEO. Under the project agreement, it was to have 1,018 employees by now.

To read the full story go to Decatur Daily

Copyright 2018 WAFF. All rights reserved.

Report an Error | Submit a Tip to WAFF 48

Powered by Frankly