The joint venture founded to produce handguns for the Hungarian army will be formed in the first or second quarter of next year, depending on the speed of obtaining permits.

The Hungarian government will provide the production plant, production technology and skilled workforce, while Colt provides the production know-how, the supply chain and access to its vast trade network.

Colt sells its products primarily under the brands Colt, CZ (Česká Zbrojovka), Colt Canada, CZ-USA, Dan Wesson, Spuhr and 4M Systems.

Colt CZ has its headquarters in the Czech Republic, with production facilities in the Czech Republic, the US, Canada and Sweden, employing more than 2,000 people.