Smith & Wesson to move headquarters to Tennessee over Massachusetts' proposed gun legislation

First-time gun buyers driving sales

Jeff Regnier of Kee Firearms & Training discusses how new gun owners are driving sales ahead of President Biden delivering remarks on rising crime rates.

Gun maker Smith & Wesson Brands Inc. will relocate its headquarters to Tennessee next year due to proposed firearms legislation in its home state of Massachusetts. 

The legislation, if enacted, would prevent Smith & Wesson from manufacturing products that accounted for more than 60% of its revenue last year. 

TickerSecurityLastChangeChange %
SWBISMITH & WESSON BRANDS21.05-0.44-2.03%

"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," Smith & Wesson CEO Mark Smith said in a statement. 

Smith & Wesson has been located in Springfield, Massachusetts, since being incorporated in 1852. That facility will remain operational, but others in Connecticut and Missouri will close as part of the consolidation.

Upward of 750 jobs will move from those facilities to the new headquarters in Maryville, Tennessee. Employees who cannot make the move will be offered enhanced severance and job placement services. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"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," Smith said. 

Source: Read Full Article