Smith And Wesson To Move Base To Tennessee

(RTTNews) - New England-based famous gun manufacturers Smith and Wesson Brands Inc. (SWBI) announced on Thursday that it will be moving its headquarters from Springfield, Massachusetts to Maryville, Tennessee in 2023. However, the Houlton facility will be kept unmoved.

The report also added that its Deep River production base in Connecticut will get closed along with another facility in Missouri. The New England facility alone will result in 750 job losses. The CEO of the company, Mark Smith blamed the change in legislation as the primary reason for the decision as the new bills will sanction the company from producing certain firearms. "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, said Smith.

Smith went on to add, "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."

The report says that Smith has picked Tennessee after considering many other locations. Talking about his decision to pick the state, Smith said, "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, outdoor lifestyle, and low cost of living in the Greater Knoxville area has left no doubt that Tennessee is the ideal location for Smith & Wesson's 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 2nd Amendment and for creating a welcoming, business-friendly environment."

The Springfield facility will stay open and will continue to have more than a thousand employees. The facility will contribute with forging, machining, metal finishing, revolver assembling. The entire cost of the relocation project is assumed to be $120 million.