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Colt Loses Firepower in Weapons Industry; Strike, Loss of Army Contract Take Toll on Legendary Company
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Colt Firearms, the 153-year-old Hartford-based small arms
manufacturer, won early fame as the company that helped tame the
West, supplying lawmen with the long-barreled, single-action six
shooter known as the "Peacemaker."
But lately the company has fallen on hard times, battling a
labor union that has waged a three-year strike and losing its vital
contract to supply the Army with the M16 rifle.
Now, Colt may face another financial setback. It announced
Wednesday that it was voluntarily suspending public sales of its
popular AR15, the civilian version of the M16 that has been the
weapon ...
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