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1/25/2018 7:38:29 AM
Posted: 5/14/2001 10:15:52 AM EST
S&W back on American soil. The Brits that bought it are taking it in the shorts.... good for them! LOL Smith & Wesson sold to Arizona company From wire reports SPRINGFIELD, Mass. — Gun safety equipment maker Saf-T-Hammer said Monday it has acquired well-known gun manufacturer Smith & Wesson from a unit of Britain's Tomkins for $15 million. "Smith & Wesson, a brand name for 147 years, would be at the top of any list of immediately identifiable corporate logos recognized worldwide," said Bob Scott, president of Saf-T-Hammer and former vice president of Smith & Wesson. Smith & Wesson has struggled in recent years, with the sharp decline in the American handgun market and the burden of lawsuits brought against the industry by 32 cities and other governments. In March 2000, Smith & Wesson agreed to install safety locks on all its guns and adopt other safety features and marketing changes. In return, federal, state and local agencies agreed to drop the company from their lawsuits. Gun rights supporters accused Smith & Wesson of selling out. Some vowed to boycott the company. Smith & Wesson's sales were cut roughly in half, according to Ken Jorgensen, the gunmaker's marketing director. Under the sale agreement, Saf-T-Hammer will pay $15 million in cash, with $5 million paid upon closing and the balance due in May 2002. The price is well below the $112 million Tomkins paid for Smith & Wesson, the Financial Times noted on its Web site Sunday. The privately held Smith & Wesson's total assets were approximately $97 million, which includes two manufacturing facilities, Saf-T-Hammer said in a release. The main facility is a 660,000-square-foot plant on 160 acres in Springfield, Mass. The other facility is a 36,000-square-foot plant in Houlton, Maine. Total liabilities are approximately $53 million, which includes a 10-year note payable to Tomkins for $30 million due in May 2011. The purchase includes all patents, distribution rights, inventory and physical assets, including the corporate headquarters. "We're excited about the prospects afforded by this unique union of a firearm safety and security device developer and a firearm manufacturer that is synonymous with Americana," said Mitchell Saltz, chairman of Saf-T-Hammer.
Link Posted: 5/14/2001 10:18:32 AM EST
Link Posted: 5/14/2001 10:27:12 AM EST
Link Posted: 5/14/2001 10:35:45 AM EST
$15 mil for S&W??? Hell, I ain't got two dimes to rub together, and I coulda come up with $15 mil! Well, it's about time Americans got their company back...
Link Posted: 5/14/2001 10:35:48 AM EST
In my opinion, the boycott stays in place until they renounce the Communist Manifesto they signed with the former Socialist Government of the US. The new owners need to prove themselves as to whether they will continue the socialist anti-gun path that S&W chose or will become 2nd Amendment supporters and renounce any anti-Constitutional agreements. My guess is they will stay status quo for a while then explore their options. Or maybe they are going to gut the company for manufacturing assests and start a new company. Either way, look for Saf-T-Hammer products to begin appearing in ALL S&W products soon.
Link Posted: 5/14/2001 10:37:25 AM EST
[Last Edit: 5/14/2001 10:35:56 AM EST by Guntoter]
Actually, it wasn't only 15 mil. It was 15 mil plus about 72 mil in debts that they also assumed. LOTS of bucks there.
Link Posted: 5/14/2001 10:45:17 AM EST
Gun toter nailed it. If they know what's good for them, they will immediately fire anybody that had anything to do with the agreement. Next, they should let us know where they stand. If they are pro second, pro freedom, we should all budget for a smith and wesson. Arizona is a very pro-gun place. I hope they bring 'Smith back to the gun owner.
Link Posted: 5/14/2001 10:48:01 AM EST
Link Posted: 5/14/2001 10:58:40 AM EST
This will be a good story to follow. It may even bolster the Pro-American Spirit that has been lacking for so many (8=Klinton) years. Good Deal.
Link Posted: 5/14/2001 11:05:31 AM EST
I'm skeptical. Safe-T-Hammer sounds like they've got a gun maker now to use as a guinea pig for government-mandated "new technologies". Keep the noose tight.
Link Posted: 5/14/2001 11:38:32 AM EST
SWS is right, lets wait and see.[uzi][heavy][pyro][pistol]
Link Posted: 5/14/2001 11:59:51 AM EST
KPEL308: You think a Kimber is not buying a S&W? Slide and frame made by..........Smith and Wesson........
Link Posted: 5/14/2001 12:07:05 PM EST
I believe you can address your mail to [url]mailto:bscott@safthammer.com[/url] It's time to light the fire under these guys.
Link Posted: 5/14/2001 12:20:42 PM EST
After what redneck said/accused , I called Kimber. They DENY buying PARTS, frames OR slides from Smith. PERIOD. What they admit to, is buying steel from numerous suppliers, including Smith. I did NOT know this, and am GLAD I LEARNED IT. Smith is not/was never a metals supplier, IMHO. I didnt know Kimber helped support them thru the boycott........
Link Posted: 5/14/2001 12:20:50 PM EST
Wrong. Kimber, Wilson Combat, and others' slides and frames made by Jerico, which is owned by Tompkins PLC. I know its splitting hairs.:)
Link Posted: 5/14/2001 12:34:11 PM EST
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