Alliant Techsystems (ATK) has announced the purchase of Savage Sports for $315 million. Currently there are few details and the people I know at ATK Sporting aren’t ready to talk much about the deal.

ATK is a $4.8 billion Fortune 500 company with aerospace, defense and sporting divisions. They make the solid rocket engines that put the space shuttle into orbit as well as Bushmaster chain guns and 120mm rounds for battle tanks. ATK bought Federal Premium Ammunition about ten years ago and has since added several companies–Weaver, Blackhawk!, RCBS, Speer Ammo–to ATK Sporting headquarted in Anoka, MN (also the home of Federal).

Savage, of course, is one of the most famous names in American gunmaking, dating back to 1894, and currently employs about 600 workers. The Westfield, Massachusetts company almost went under in the 1990s but came back under the leadership of CEO Ron Coburn, who downsized the company and focused on making the one gun Savage made best: the very accurate Model 110 bolt action.

ATK seems committed to the companies in its sporting division–certainly Federal has thrived under ATK ownership–and I would predict the new owners will treat Savage well. We may even seen Savage 110 rifles chambered for new Federal calibers in the near future, who knows?