A court settlement secures the future of Herkimer County’s largest employer. For the past few months the future of Remington arms was unclear, because the company that supplies their power said they couldn't afford to anymore. But a settlement has been reached.
With Monday's settlement Remington's Attorney George F. Aney said the company's future is secure in Ilion. “Remmington Arms will be its own boss and manufacture as far as the steam is concerned,” Aney said.
That's the settlement that will keep the production lines at Remington Arms running. The big problem wasn't the Arms itself, but the company that provided the steam for them to operate. The company called NRG Energy said they couldn't afford to power the manufacturer at the current rates.
A gag order has been in place since talks started a few months ago, and Monday, to the relief of many, an agreement was reached.
Essentially Remington will take over the company in a 10 year deal for an unspecified amount of money. The specifics are still being kept quiet because the new agreement contains a confidentiality agreement.
But Remington Arms is well aware of the enormity of the undertaking.
“I'm positive they know what they're doing and examined their options. They know what would and would not work, what was feasible financially,” said Aney
And everyone will be able to rest easier knowing Herkimer County's largest employer is secure for many years to com. NewsChannel 2 tried to contact NRG, but they wouldn't comment on the settlement because of the confidentiality agreement in place.