Gun company now for sale

The company that makes one of the weapons believed to have been used to kill elementary school children in Connecticut is being put up for sale by its owner.

Guns taken from a home at 5129 Ramsey Lane, Knoxville, TN after a drug arrest. (Source: Knox County Sheriff's Office)

UNDATED (AP) -- The company that makes one of the weapons believed to have been used to kill elementary school children in Connecticut is being put up for sale by its owner.

The private-equity group Cerberus (SUR'-bur-uhs) Capital Management says it will sell its controlling stake in Freedom Group International, the maker of Bushmaster rifles.

In a statement, Cerberus calls Friday's school shooting rampage "a watershed event that has raised the national debate on gun control to an unprecedented level."

Freedom Group says it's the largest firearms manufacturer in the U.S. It sold 1.1 million rifles and shotguns last year, along with 2 billion rounds of ammunition. Its products are sold to law enforcement and military customers, as well as retailers who sell them to hunters and gun enthusiasts.

Shares in publicly-traded gun makers have been dropping for a third-straight day, as the political winds appear to be shifting. Some Republicans now say they're willing to discuss the issue of gun control, along with mental health issues and violent video games,


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