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Cerberus selling stake in firearms after Newtown

The private equity firm Cerberus will sell off its ownership in a major U.S. firearms company, a nod to complaints from the California teachers' pension system.

By Michelle Chapman | Updated on December 18, 2012

NEW YORK (AP) — The private equity firm Cerberus will sell the firearms company that produced one of the weapons believed to have been used in the shootings at an elementary school in Newtown, Conn., calling it a “watershed event” in the national debate on gun control.

Cerberus said Tuesday that it would sell its stake in the Freedom Group, which stood at 95 percent as of a 2011 regulatory filing. Freedom Group owns the Bushmaster rifle brand, as well as Remington and other gun makes.

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