Sturm, Ruger & Co. Inc Report Profits for Q2
Southport, Connecticut based Sturm, Ruger & Co. Inc reported thirty four percent increase in its second-quarter profit to $23.5 million. The gain is mainly attributed to a surge in demand for firearms, mostly for the company's new products.
Ruger also reported a jump of 19.4 percent in firearms sales to $166.3 million.
The company said on Tuesday, Michael Fifer, and its CEO of ten years plans to retire on May 9. Fifer will continue as vice chairman.
Ruger's president and COO, Christopher Killoy, has been named as Fifer's successor. He has also been appointed to the board of directors. In the company's sixty seven years of history, he will be the fourth chief executive.
Ruger's chairman, Michael Jacobi, said the decision "comes at a time of strength at Ruger given our excellent management team, strong balance sheet, culture of innovative product development and application of continuous improvement methodologies."
Ruger with a major plant in Mayodan started its 220,000 square-foot in 2013. The company has promised to create minimum 473 jobs as part of its $25.7 million project. According to Rockingham County Economic & Tourism Development, the company had had 210 employees as of the last report.
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