Following a letter from 145 CEOs calling for legislation on gun safety, Colt has announced that it will suspend production of the controversial AR-15, the weapon used in a number of mass shootings. This is a powerful statement by the market about the continued viability of this product.
Gunmaker Colt says it is suspending its production of rifles for the civilian market including the popular AR-15.
Colt’s chief executive officer, Dennis Veilleux, says it is not permanently ending production but believes there is already an adequate supply of sporting rifles on the market. He said in a statement Thursday the company will concentrate on fulfilling military and law enforcement contracts with its rifle manufacturing.
The West Hartford, Connecticut-based company has received some criticism from gun rights advocates for moving away from the civilian market.
Veilleux said in the statement the company remains committed to the Second Amendment and is adapting to consumer demand. [Emphasis added]