Para-Ordnance
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|
Formerly called
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Para-Ordnance |
|---|---|
| Private | |
| Industry | Arms industry |
| Founded | 1985 |
| Founders | Ted Szabo and Thanos Polyzos |
| Headquarters | Charlotte, North Carolina, United States |
| Products | Firearms |
| Owner | Cerberus Capital Management |
|
Number of employees
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approx. 65 |
| Parent | Freedom Group |
| Website | www.para-usa.com |
Para USA (Para) is an American-owned firearms manufacturer. It is the successor to Para-Ordnance, founded in Canada in 1985. It specializes in making M1911-style semi-automatic pistols and components.
Para-Ordnance was founded in Canada in 1985 by two childhood friends, Ted Szabo and Thanos Polyzos. Szabo was born in Hungary and his family fled the country when the Soviets invaded during the Hungarian Revolution in 1956. Polyzos was born in Greece and later emigrated to Canada. On March 28, 2007, Ted Szabo died at the age of 60. The company's first product was a plastic paintball gun, the Model 85 "Dye Marking Tactical Machine Pistol", designed for police and military training purposes.
Para-Ordnance Mfg Inc. had a factory in Markham, Ontario, Canada. When last reported, the company was estimated to have an annual revenue of over 9 million dollars and employ a staff of 60. In January 2009, it was announced that the U.S. headquarters for Para-Ordnance's U.S. subsidiary (Para USA) would be set up in Pineville, North Carolina. Eventually, Para Ordnance moved to North Carolina and became a totally U.S. company, Para USA.
In January 2012, Para USA was acquired to become a part of the Freedom Group, a consortium of firearms manufacturers owned by Cerberus Capital Management, a New York private equity investment firm. Remington is Para USA's immediate corporate parent.
Since 2007, Remington Arms had been part of the Remington Outdoor Company (ROC NYSE), which is owned by Cerberus Capital Management. Freedom Group had previously purchased Marlin Firearms and DPMS Panther Arms in 2007. Cerberus combined DPMS and other firearm companies with Remington Arms, Bushmaster Firearms International, and Cobb Manufacturing to form the Freedom Group.
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