Smith & Wesson to Relocate Headquarters to Tennessee

About this update from Smith & Wesson Brands, Inc.

[{"type":"text","content":"Move includes headquarters and significant portion of operations due to changing business climate for firearms manufacturing in Massachusetts\n\n\nSPRINGFIELD, 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.\n\n \n \n \n \n \n \n\n \nMark 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.\"\nSmith 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. The key factors in the decision included the following:\nSupport for the 2nd Amendment Business friendly environment Quality of life for employees Cost of living and affordability Access to higher education institutions Availability of qualified labor for its operations and headquarter functions Favorable location for efficiency of distributionSmith continued, \"The 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, o...

More updates from Smith & Wesson Brands, Inc.