KUSA - Magpul Industries, a Colorado gun accessories manufacturer who vowed to leave the state because of a new gun control law, announced Thursday it is relocating to Wyoming and Texas.
The company says it is relocating all the manufacturing, distribution and shipping operations to Cheyenne, Wyo. Its corporate headquarters will be located in Texas.
"Magpul made the decision to relocate in March 2013 and has proceeded on an aggressive but deliberate path, " Doug Smith, chief operating officer for Magpul Industries, said in a statement. "These dual moves will be carried out in a manner that ensures our operations and supply chain will not be interrupted and our loyal customers will not be affected."
The relocation efforts began following the enactment of new legislation, including House Bill 1224, which bans ammunition magazines of more than 15 rounds, and any other magazine that can be easily converted into the larger size.
"Moving operations to states that support our culture of individual liberties and personal responsibility is important," Richard Fitzpatrick, chief executive officer for Magpul Industries said.
Magpul is a privately held company and not required to publicly release annual revenue figures. However, Magpul spokesperson Duane Liptak has said the company is valued "just south of a half a billion dollars."
Magpul says it plans on transitioning 92 percent of its current workforce outside of Colorado within 12 to 16 months. It will maintain only limited operations in Colorado.
(KUSA-TV © 2013 Multimedia Holdings Corporation)