Sept. 19 (UPI) -- AR-15 manufacturer Colt announced Thursday that it will halt the production of rifles for consumers.
The Connecticut-based firearm manufacturer said the consumer market for rifles has "experienced significant excess manufacturing capacity," leaving a sufficient amount available for purchase.
"Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future," Colt President and CEO Dennis Veilleux said.
Veilleux added that Colt's contracts with the military and law enforcement still present demand for rifles.
"Currently, these high-volume contracts are absorbing all of Colt's manufacturing capacity for rifles," he said.
He also reaffirmed the company's support for the Second Amendment and said it will expand its network of dealers and continue to produce pistols and revolvers.