Despite the fact many of our fellow U.S. attendees are still struggling to make air connections to get to IWA 2026, it is very much underway in Nuremberg, Germany.
The facilities are very much high tech and architecturally awesome, but they just might be more dispersed than SHOT Show. But spacious aisles and a decidedly slower pace make it much more easy on both your feet and your patience.
A slower pace makes for more conversations. And more conversations lead to more insight into what’s going on in the industry since SHOT Show. With show seasons all but over, manufacturers are telling me that they’re seeing signs that 2026 will be somewhat improved over last year. That optimism, however, was tempered by one CEO who admitted that everything was predicated on something outrageous not happening in Washington. As he explained it, “there’s always the chance our Commander in Chief will say: ’that’s nothing. Hold my Diet Coke and watch this.”
It brought a laugh, but it also reinforces what more than one CEO told me: price uncertainty is a real thing. But the price uncertainty, while a “real” thing for imported products, isn’t because of tariffs.
So what’s behind the hikes? Commodity prices.
Prices for raw goods for anything from nitrocellulose, lead and copper for ammunition to high-tech components continue to vacillate across the board.
Eventually prices will have to rise to cover the raw goods price increases. Ammunition, for example, has already had price increases. I have been told it’s reasonable to expect increases anywhere from seven to ten percent to be industry-wide. That’s partially due to the continued war been the Soviet Union and Ukraine. As was explained to me, every 155-howitzer round fired by Ukrainian artillery requires the equivalent of 4,000 rounds of small arms powder.
And it appears the “investment” in Ruger by Beretta Holding is more than simply an investment. News broke earlier this week that not only had the Luxembourg-based Beretta Holding increased their stake in Ruger to ten percent, they were preparing to wage a proxy contest with Ruger in a plan that included nomination of four executives to Ruger’s nine-member board.
Earlier this week, Ruger announced changes to their board, with former CEO-Chris Killoy, Sandy Froman and Rebecca Halstead retiring from the board. They have been replaced by a trio of executives with extensive automotive and aerospace manufacturing experience: : Aaron Rivers, Stephen Timm and Lorin Cassidy Wolfe.
While Beretta formally refuses to comment or to engage in “substantive” talks with Ruger, business news sources are reporting plans to nominate four board candidates at the next Ruger board meeting. The names being reported include Fernbrook Capital Management managing partner William Franklin Detwiler, Frederick Disanto, CEO of Ancora Holdings, Inwood Capital Management founder Michael Christodolou, and former Vista Outdoor CEO Mark DeYoung.
Meanwhile, Ruger’s shareholder protection plan (commonly known as a “poison pill”) remains. If, however, Beretta’s proxy fight did result in seats on the Ruger board, the “Beretta directors” could push other board members to revoke the plan.
Looks like interesting times between now and the next Ruger shareholder meeting. Their next board meeting is only days away.
I’m tracking on reports that another major gun company’s ownership may be interested in pursuing a sale. It’s the latest “hot rumor” here in Nuremberg, but that’s all it is- a rumor. But in a small industry, rumors sometimes have a foundation in fact. We’ll keep you posted.
The next couple of days at IWA promise to be even more interesting, but not because of anything unexpected inside the exhibition halls. Earlier today, on-site media was notified that strikes were planned for public transit on Friday and Saturday.
This trip began with snowstorms and delays leaving the United States. Guess public transit strikes shouldn’t come as a shock.
As always, we’ll keep you posted.
—Jim Shepherd