One gun manufacturer is no longer producing the AR-15 and other rifles for consumers -- at least for now.
The Associated Press reported Colt CEO Dennis Veilleux said the manufacturing suspension is temporary, as Colt has more than enough already made to meet consumer demand.
" We want to assure you that Colt is committed to the Second Amendment, highly values its customers and continues to manufacture the world's finest quality firearms for the consumer market," Veilleux said in a statement. "The fact of the matter is that over the last few years, the market for modern sporting rifles has experienced significant excess manufacturing capacity. Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future."
Veilleux said the West Hartford, Connecticut-based company will now focus on its contracts with military and law enforcement personnel, which is taking up most of the company's resources for manufacturing rifles.
"Currently, these high-volume contracts are absorbing all of Colt's manufacturing capacity for rifles. Colt's commitment to the consumer markets, however, is unwavering," the statement said. "We continue to expand our network of dealers across the country and to supply them with expanding lines of the finest quality 1911s and revolvers.
"At the end of the day, we believe it is good sense to follow consumer demand and to adjust as market dynamics change."
Veilleux reiterated that the company is a supporter of the Second Amendment in response to criticism from guns rights advocates, the AP reported.
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