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.”
Smith & Wesson will also close facilities in Connecticut and Missouri as part of consolidating in Tennessee. This process will result in the company reducing the number of locations it maintains from four to three and will significantly streamline its manufacturing and distribution operations.
The facility in Springfield, Massachusetts will be reconfigured, but will remain operational; our expectation that we will keep some of our 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.
Our expectation that the new facility will be built in Maryville, Tennessee and will consist of our headquarters, plastic injection molding, pistol and long gun assembly, and distribution.
This reminds me of what happened to Remington.
A northern Blue state passes a bunch of anti-gun laws.
They move as much equipment as they can to a new facility in a southern, gun and business friendly state.
Legacy products made on special, hard/impossible to move equipment continues to be made at the old factory.
Other, smaller satellite facilities are consolidated to the new factory.
The difference is S&W is using cash on hand and Remington was funded by a bunch of holding company motherfucking sons-of-bitches who borrowed money and murdered it with a debt inversion.
I wish them the best.