Remington Arms Company, Inc. was founded in 1816 by Eliphalet Remington in Ilion, New York, as E. Remington and Sons. It is the oldest company in the United States which still makes its original product, and is the oldest continuously operating manufacturer in North America. It is the only U.S. company which produces both firearms and ammunition domestically, and is the largest U.S. producer of shotguns and rifles. After a 12-year absence in the handgun market, Remington announced the Model 1911 R1 in April 2010, slated to be available through select independent dealers beginning June 2010. The last handgun produced by Remington Arms, the Model XP-100R, ceased production in 1998. Its products are distributed in over 60 foreign countries, making its base wider than those of its competitors.Remington has also developed or adopted more cartridges than any other gun maker or ammunition manufacturer in the world.Remington is part of the Freedom Group, owned by Cerberus Capital Management.HistoryRemington was founded in 1816. Eliphalet Remington II believed he could build a better gun than he could buy. Farming communities in the region were famous for their diverse skills and self-sufficiency, and the winter seasons were used for crafts that provided goods for self-use and also for sale. Eliphalet's father was a blacksmith, and wanted to expand his business into rifle barrel production. Local residents often built their own rifles to save on costs, but purchased the barrel. Eliphalet's father sent him to a well-known barrel maker in a major city to purchase a barrel, with the mission of observing the barrel-making technique. At the time, the method was to heat and wrap long flat bars of iron around a metal rod of the caliber desired. By heating and hammering the coiled bars around the central rod, the barrel metal became fused into a solid cylinder, at which point the rod was pressed out. After the young man returned home, his family added a successful barrel making operation to his father's forge, in Ilion Gorge, New York.