{"id":152312,"date":"2021-09-30T11:12:33","date_gmt":"2021-09-30T15:12:33","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=152312"},"modified":"2021-09-30T11:12:33","modified_gmt":"2023-09-07T19:41:22","slug":"breaking-smith-wesson-to-relocate-headquarters-to-tennessee","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/breaking-smith-wesson-to-relocate-headquarters-to-tennessee\/","title":{"rendered":"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"664\" title=\"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee\" src=\"https:\/\/www.gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters-1024x664.jpg\" alt=\"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee\" class=\"wp-image-152313\" srcset=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters-1024x664.jpg 1024w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters-400x259.jpg 400w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters-150x97.jpg 150w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters-768x498.jpg 768w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>(<em>Photo: Facebook\/Smith &amp; Wesson<\/em>)<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Move includes headquarters and significant portion of operations due to changing business climate for firearms manufacturing in Massachusetts<\/em><\/strong><\/p>\n\n\n\n<p><strong>SPRINGFIELD, Mass.,&nbsp;<\/strong><strong>September 30<\/strong><strong>, 202<\/strong><strong>1<\/strong><strong>&nbsp;\u2013 Smith &amp; Wesson Brands, Inc. (NASDAQ Global Select: SWBI)<\/strong>,&nbsp;one of the nation\u2019s oldest firearms manufacturers, announced today that it is moving its headquarters and significant elements of its operations to Maryville, Tennessee in 2023.&nbsp;&nbsp; Smith &amp; Wesson has been based in Springfield, Massachusetts since the company was incorporated in 1852.<\/p>\n\n\n\n<p>Mark Smith, President and Chief Executive Officer, said \u201cThis 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.\u201d&nbsp; He specifically cited legislation recently proposed in Massachusetts that, if enacted, would prohibit the company from manufacturing certain firearms in the state. \u201cThese bills would prevent Smith &amp; Wesson from manufacturing firearms that are legal in almost every state in&nbsp;America&nbsp;and that are safely used by tens of millions of law-abiding&nbsp;citizens every&nbsp;day&nbsp;exercising their Constitutional 2<sup>nd<\/sup>&nbsp;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 &amp; Wesson.\u201d<\/p>\n\n\n\n<p>Smith indicated that the company vetted a number of cities and states and, after careful consideration, made the decision to relocate 750 jobs and its headquarters to Maryville, Tennessee.&nbsp; The key factors in the decision included the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Support for the 2<sup>nd<\/sup>&nbsp;Amendment<\/li><li>Business friendly environment<\/li><li>Quality of life for employees<\/li><li>Cost of living and affordability<\/li><li>Access to higher education institutions<\/li><li>Availability of qualified labor for its operations and headquarter functions<\/li><li>Favorable location for efficiency of distribution<\/li><\/ul>\n\n\n\n<p>Smith continued, \u201cThe strong support we have received from the State of Tennessee and the entire leadership of Blount County throughout this process, combined with the quality of life, outdoor lifestyle, and low cost of living in the Greater Knoxville area has left no doubt that Tennessee is the ideal location for Smith &amp; Wesson\u2019s new headquarters. We would like to specifically thank Governor Lee for his decisive contributions and the entire state legislature for their unwavering support of the 2<sup>nd<\/sup>&nbsp;Amendment and for creating a welcoming, business friendly environment.\u201d<\/p>\n\n\n\n<p>Smith &amp; Wesson will also close facilities in Connecticut and Missouri as part of consolidating in Tennessee.&nbsp;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.<\/p>\n\n\n\n<p>The company emphasized that the move will not begin until 2023 and will not have an impact on employees\u2019 jobs until then.&nbsp; \u201cOur loyal employees are the reason for our success and are always our number one priority. We are deeply saddened by the impact that this difficult decision will have on so many of our dedicated employees, but in order to preserve future jobs and for the viability of our business in the long term, we are left with no choice but to relocate these functions to a state that does not propose burdensome restrictions on our company.\u201d Smith said. \u201cWe are making this announcement now to ensure that each employee has the time to make the decision that is right for them and their families. We are firmly committed to working on an individual level with each and every one of those who will be affected. We will assist any affected employee who is willing and able to move with financial and logistical relocation assistance. However, we also fully realize that this is simply not feasible for some. Therefore,&nbsp;for any affected employee who cannot move with us, we will offer enhanced severance and job placement services. We understand that this announcement will be very difficult for our employees, and we will do everything we can to assist them during this transition,\u201d Smith said.&nbsp;All employees&nbsp;whose jobs are moved will be given these offers.<\/p>\n\n\n\n<p><strong>Key Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The facility in Springfield, Massachusetts will be reconfigured but will remain operational.<\/li><li>Smith &amp; 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.<\/li><li>The new facility will be built in Maryville, Tennessee and will comprise of the company\u2019s headquarters, plastic injection molding, pistol and long gun assembly, and distribution.<\/li><li>Total investment in the project is estimated at $120&nbsp;million, will be funded from cash on hand, and is expected to be accretive to EPS by $0.10&nbsp;to $0.12&nbsp;per year once fully operational.<\/li><li>Construction in Maryville, Tennessee is expected to begin in the calendar fourth quarter of 2021 and be substantially complete by the summer of 2023.<\/li><li>Upwards of 750 jobs will move from Springfield, Massachusetts; Deep River, Connecticut; and Columbia, Missouri to Maryville, Tennessee.<\/li><li>The company\u2019s plastic injection molding facility in Deep River, Connecticut, which services both Smith &amp; Wesson as well as a significant number of external customers, will be sold. The Smith &amp; 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.<\/li><li>The company\u2019s 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.<\/li><li>The relocation will have no impact on the company\u2019s operations in Houlton, Maine.<\/li><\/ul>\n\n\n\n<p>The company will host a conference call&nbsp;September 30, 2021, to discuss&nbsp;the relocation.&nbsp;Speakers on the conference call will include Mark Smith, President and Chief Executive Officer, and Deana McPherson, Executive Vice President and Chief Financial Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at&nbsp;10:00&nbsp;a.m. Eastern Time (7:00&nbsp;a.m. Pacific Time). Those interested&nbsp;in listening to the conference call via telephone may call directly at (844) 309-6568 and reference conference identification number&nbsp;3073758.&nbsp; No&nbsp;RSVP is necessary. The conference call audio webcast can also be accessed live on the company&#8217;s website at&nbsp;<a href=\"https:\/\/click.agilitypr.delivery\/ls\/click?upn=HvMnLs2tBulDBDUQeDt-2BG5vX-2F3jPDN2q3d88CgiRJOVdPq-2BHH33-2FQswMsobI1uuFS0mq_t6rNZH6dypDIrJB92PWRvl-2B8-2BCuyF-2BRrWeUWI9fXbAyx5gSNv8UKDICnvhgiokH-2FmRDDGlpohk1eYKrJGiesGsm5D-2FIA-2B2R0E9Nm28ssYCaWWl-2B88OjmXPdJKMejEA3PspceHp4iNvxiOXttb2bUpDMLu3O-2FtRs4gAgj5SwKeql89CRdmiM-2BBGcPouCgw2OZ3zGOxVFL5WMd6ST0SCx8xdf3QpFNev4fhPKfHOVPqxr6xyOrlPDzeesRx26YsAwFmXieQvGzDdQbueFPeyZLSeM4-2Bi2NkJ8DFEjwFHiNefdiR-2FtlnckKnrKo4nzO-2FE7xJUkDSX-2B7JHGe3K8PAti5YUp915G1xx5GbSOCkzhmXqh4HPD9yzI-2Boz-2BfE4Oc1A2ZFORJp5ikSAXexgQTf5AdqxX1Pd6qh5thkK5oQXsGmgc-3D\" target=\"_blank\" class=\"clickTracking\" campaign=\"breaking-smith-wesson-to-relocate-headquarters-to-tennessee\" title=\"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee\" target=\"_blank\" rel=\"noreferrer noopener\">www.smith-wesson.com<\/a>, under the Investor Relations section.<\/p>\n\n\n\n<p><strong>About Smith &amp; Wesson Brands, Inc.<\/strong><\/p>\n\n\n\n<p>Smith &amp; Wesson Brands, Inc. (NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith &amp; Wesson\u00ae, M&amp;P\u00ae, and Gemtech\u00ae brands.\u00a0\u00a0The company also provides manufacturing services, including forging, machining, and precision plastic injection molding services.\u00a0\u00a0For more information call (800) 331-0852 or visit\u00a0<a href=\"https:\/\/click.agilitypr.delivery\/ls\/click?upn=HvMnLs2tBulDBDUQeDt-2BG5vX-2F3jPDN2q3d88CgiRJOVdPq-2BHH33-2FQswMsobI1uuFncVw_t6rNZH6dypDIrJB92PWRvl-2B8-2BCuyF-2BRrWeUWI9fXbAyx5gSNv8UKDICnvhgiokH-2FmRDDGlpohk1eYKrJGiesGsm5D-2FIA-2B2R0E9Nm28ssYCaWWl-2B88OjmXPdJKMejEA3PspceHp4iNvxiOXttb2bUpDMLu3O-2FtRs4gAgj5SwKeql89CRdmiM-2BBGcPouCgw2OZ3zGOxVFL5WMd6ST0SCx8xdf3QpFNev4fhPKfHOVPqxp-2FOdh-2FsvpUKXZpE1CwqEgNB1-2BfQIZkcfzet4od17NsvHP4OC-2Bz6lNITIfXbcKfB7VruY05cVochtfU78HOC12uc9XTGaxIoD5BlnqZtUAfr0gWJz8L1T6Rv4BzPWQrGpPdjcxGDNj27oC3c3rxJXQMGsLinW2o5GLKlV1u0nsE5gzP0hDYMRbA4EIOpTtch9o-3D\" target=\"_blank\" class=\"clickTracking\" campaign=\"breaking-smith-wesson-to-relocate-headquarters-to-tennessee\" title=\"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee\" target=\"_blank\" rel=\"noreferrer noopener\">www.smith-wesson.com<\/a>.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\">***<a href=\"https:\/\/gunsamerica.com\/\" campaign=\"BuySellGA_Register\" target=\"_blank\" class=\"clickTracking\">Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Move includes headquarters and significant portion of operations due to changing business climate for firearms manufacturing in Massachusetts.<\/p>\n","protected":false},"author":115,"featured_media":152313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[111,1803,240],"tags":[132,617,1802],"featured":[],"hunt365":[],"class_list":{"0":"post-152312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry-news","8":"category-news-wire","9":"category-this-week","10":"tag-buzz","11":"tag-industry-news","12":"tag-news-wire"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee<\/title>\n<meta name=\"description\" content=\"Smith &amp; Wesson will also close facilities in Connecticut and Missouri as part of consolidating in Tennessee.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gunsamerica.com\/digest\/breaking-smith-wesson-to-relocate-headquarters-to-tennessee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: Smith &amp; Wesson to Relocate Headquarters to Tennessee\" \/>\n<meta property=\"og:description\" content=\"Move includes headquarters and significant portion of operations due to changing business climate for firearms manufacturing in Massachusetts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gunsamerica.com\/digest\/breaking-smith-wesson-to-relocate-headquarters-to-tennessee\/\" \/>\n<meta property=\"og:site_name\" content=\"Gun Reviews and News | GunsAmerica.com\/Digest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gunsamerica\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-30T15:12:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-07T19:41:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2021\/09\/SmithWesson_Headquarters.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"778\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Wire\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@gunsamerica\" \/>\n<meta name=\"twitter:site\" content=\"@gunsamerica\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Wire\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/breaking-smith-wesson-to-relocate-headquarters-to-tennessee\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/breaking-smith-wesson-to-relocate-headquarters-to-tennessee\\\/\"},\"author\":{\"name\":\"News Wire\",\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/#\\\/schema\\\/person\\\/87634856a7e290d26d603f784a635a65\"},\"headline\":\"BREAKING: Smith &amp; 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