Smith & Wesson to Relocate Headquarters to Tennessee

mikeyp

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Well, guess they had enough


SPRINGFIELD, Mass., Sept. 30, 2021 /PRNewswire/ -- Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), one of the nation's oldest firearms manufacturers, announced today that it is moving its headquarters and significant elements of its operations to Maryville, Tennessee in 2023. Smith & Wesson has been based in Springfield, Massachusetts since the company was incorporated in 1852.

Mark Smith, President and Chief Executive Officer, said "This has been an extremely difficult and emotional decision for us, but after an exhaustive and thorough analysis, for the continued health and strength of our iconic company, we feel that we have been left with no other alternative." He specifically cited legislation recently proposed in Massachusetts that, if enacted, would prohibit the company from manufacturing certain firearms in the state. "These bills would prevent Smith & Wesson from manufacturing firearms that are legal in almost every state in America and that are safely used by tens of millions of law-abiding citizens every day exercising their Constitutional 2nd Amendment rights, protecting themselves and their families, and enjoying the shooting sports. While we are hopeful that this arbitrary and damaging legislation will be defeated in this session, these products made up over 60% of our revenue last year, and the unfortunate likelihood that such restrictions would be raised again led to a review of the best path forward for Smith & Wesson."
 

mikeyp

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We’ll see if it’s legit or a bluff to get massive tax breaks to stay. They thought Springfield was a shithole now? Wipe those jobs out and let’s watch the show!

They are keeping some manufacturing here still, but, for how long?

Key Facts:

  • The facility in Springfield, Massachusetts will be reconfigured but will remain operational.
  • Smith & Wesson will keep some of its manufacturing operations in Springfield, Massachusetts, including all forging, machining, metal finishing, and assembly of revolvers, and will continue to have over 1,000 employees in the state.
  • The new facility will be built in Maryville, Tennessee and will comprise of the company's headquarters, plastic injection molding, pistol and long gun assembly, and distribution.
  • Total investment in the project is estimated at $120 million, will be funded from cash on hand, and is expected to be accretive to EPS by $0.10 to $0.12 per year once fully operational.
  • Construction in Maryville, Tennessee is expected to begin in the calendar fourth quarter of 2021 and be substantially complete by the summer of 2023.
  • Upwards of 750 jobs will move from Springfield, Massachusetts; Deep River, Connecticut; and Columbia, Missouri to Maryville, Tennessee.
  • The company's plastic injection molding facility in Deep River, Connecticut, which services both Smith & Wesson as well as a significant number of external customers, will be sold. The Smith & Wesson portion of the operations will be moved to the new facility in Maryville, Tennessee, however, the external customer business will remain in Connecticut and will be divested.
  • The company's distribution operations in Columbia, Missouri will be moved to the new facility in Maryville, Tennessee, and the Columbia, Missouri facility will be marketed for sublease.
  • The relocation will have no impact on the company's operations in Houlton, Maine.
 

daekken

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mikeyp

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Bah, I searched smith not s&w and didn't read lol
 

GomerPile

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This state is so stupid. That area can not afford to lose jobs.
MA pols (really all pols) don't give a crap about the average joe anymore. Maybe if S&W had unionized workforce they could have worked some political angle to make gunz not so killy.
 

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We’ll see if it’s legit or a bluff to get massive tax breaks to stay. They thought Springfield was a shithole now? Wipe those jobs out and let’s watch the show!
Well, they want to relocate all those people on the Methadone Mile out of Boston to other towns/cities. They could always use the S&W facility to house them all.

Too bad that S&W still plans on doing some mfg in MA. They should move lock, stock and barrel out of that shithole.
 
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Well, guess they had enough


SPRINGFIELD, Mass., Sept. 30, 2021 /PRNewswire/ -- Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), one of the nation's oldest firearms manufacturers, announced today that it is moving its headquarters and significant elements of its operations to Maryville, Tennessee in 2023. Smith & Wesson has been based in Springfield, Massachusetts since the company was incorporated in 1852.

Mark Smith, President and Chief Executive Officer, said "This has been an extremely difficult and emotional decision for us, but after an exhaustive and thorough analysis, for the continued health and strength of our iconic company, we feel that we have been left with no other alternative." He specifically cited legislation recently proposed in Massachusetts that, if enacted, would prohibit the company from manufacturing certain firearms in the state. "These bills would prevent Smith & Wesson from manufacturing firearms that are legal in almost every state in America and that are safely used by tens of millions of law-abiding citizens every day exercising their Constitutional 2nd Amendment rights, protecting themselves and their families, and enjoying the shooting sports. While we are hopeful that this arbitrary and damaging legislation will be defeated in this session, these products made up over 60% of our revenue last year, and the unfortunate likelihood that such restrictions would be raised again led to a review of the best path forward for Smith & Wesson."
Long time overdue.
 

drgrant

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Think maybe now they'll stop putting those stupid frame locks in their revolvers?
Honestly I'm not sure why they still bother doing that they actually will remove it on certain models. You can buy 642s, 442s, a few other j frames without the lock. Probably because the guys carrying them for self-defense were like "not sure if serious".
 

BigGreen2000

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What I’m really afraid of is US sovereign debt crisis. We print money, issue debt like there is no tomorrow. One day, there are no more buyers for that debt. We raise interest rates, US defaults on debt, and we loose reserve-currency status. China replaces us as reserve currency. All those coastal-liberal-elite jobs in education, marketing, etc disappear overnight. Jobs in the real world—manufacturing, transportation, energy—will be at a premium! Too bad blue states are chasing those jobs away so quickly!
 

Randy Lahey

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Well, they want to relocate all those people on the Methadone Mile out of Boston to other towns/cities. They could always use the S&W facility to house them all.

Too bad that S&W still plans on doing some mfg in MA. They should move lock, stock and barrel out of that shithole.
Springfield seems like an ideal location for that.
 

xtry51

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S&W are a bunch of cucks. They should have moved a long time ago. The fact they are still not committee to fully shutting everything down and moving is bullshit.
 

drgrant

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S&W are a bunch of cucks. They should have moved a long time ago. The fact they are still not committee to fully shutting everything down and moving is bullshit.

They cucked out a long time ago when they shut down the range and altered a lot of other policies... it's all about the $$$$. They're not pulling everything out because they're hedging.
 

groundscrapers

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S&W are a bunch of cucks. They should have moved a long time ago. The fact they are still not committee to fully shutting everything down and moving is bullshit.
Much of that equipment isn't practical to move. If you went in there and saw the size of their forges you would understand.
 
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Much of that equipment isn't practical to move. If you went in there and saw the size of their forges you would understand.
You would be surprised. My company just moved. We have milling machines that are 70ft x 30ft x 30 ft.
Riggers are damn good at their job and are cheap compared to years of paying high wages and dealing with terrible laws that could lead to expensive lawyers/litigation.
 

JDL

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They are not going to move the forge or the forging department that would not be practical they will not move the heat treating department those departments will stay in Springfield.
 

appraiser

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or any plating operations they do in house, it is near impossible to move or create a new plating operation
 

groundscrapers

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You would be surprised. My company just moved. We have milling machines that are 70ft x 30ft x 30 ft.
Riggers are damn good at their job and are cheap compared to years of paying high wages and dealing with terrible laws that could lead to expensive lawyers/litigation.
also keep in mind they don't just service their own parts in there. They are a big vendor to the machine shops in the area for heat treatment, finishing, and many other operations under Smith & wesson Precision components. Home - Smith & Wesson Precision Components
 
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