The gun-maker, based in West Hartford, Connecticut, said its decision is purely market-driven and made no mention of any public pressure over the AR-15’s use in several mass shootings in the United States.

“The fact of the matter is that over the last few years, the market for modern sporting rifles has experienced significant excess manufacturing capacity,” Colt President and CEO Dennis Veilleux said in a statement.

“Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future.”