In 1901 to 1960, the company had only eight presidents. Colt’s Manufacturing Company was faced with usual problems that confronted the company. With the onset of the war in 1942, Colt’s Firearms tripled its workforce to 15,000 employees in three plants. By 1955 the company was losing money and faced a deficit that was growing each month. By September, Colt’s board decided to seek a merger partner. They found Leopold D. Silberstein and his company, the Penn-Texas Corporation. In addition Colt’s Firearms became a wholly owned subsidiary of Silberstein’s holding company.
From 1960 to 1994 Colt’s Firearms introduced the AR-15(which is a semiautomatic rifle). Shorter after the AR-15, the company made the M16 (which is a military full-automatic rifle). Changes came again in 1964 when the company reorganized under the name of Colt Industries and the firearms subsidiary became Colt’s Inc., Firearms Division. During the 1970s the company introduced the Sharps Rifle, Sawer Rifle, and the Black powder Reproductions. In addition Colt management also responded to an increasing demand for engraved firearms. In 1986 the company celebrated its 150 anniversary. By 1995 to 2009 Colt’s Firearms exited from a short bankruptcy and then launched a rebirth and rejuvenation. By doing so the company made ne weapons, for example different pistols and rifles that were automatic.