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Posted: 5/14/2001 8:31:30 AM EST
Anyone know anything about the company that bought them? Saf-T-Hammer in Arizona. http://www.nandotimes.com/business/story/0,1032,500560420-500801515-504341893-0,00.html Business: British firm sells off Smith & Wesson The Associated Press SPRINGFIELD, Mass. (May 14, 2001 11:27 a.m. EDT http://www.nandotimes.com) - Smith & Wesson Corp., a manufacturer of handguns since 1852, has been sold by its British owner to SAF-T-Hammer Corp., an Arizona-based firearm safety and security device developer. Saf-T-Hammer, based in Scottsdale, Ariz., announced the agreement Monday with Tomkins PLC, which has owned Springfield-based Smith & Wesson since 1987. "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. As of the close, 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. 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 8:37:48 AM EST
[Last Edit: 5/14/2001 8:38:11 AM EST by markm]
i think that is the company that makes those trigger guard installed trigger blocks. they are kind of a pet to the media. the'll probably put those shitty trigger blocks on all new S&W production. i can remember their stock price shooting up when they were trying to mandate trigger locks.
Link Posted: 5/14/2001 8:40:59 AM EST
Link Posted: 5/14/2001 9:01:59 AM EST
Link Posted: 5/14/2001 9:10:34 AM EST
Let's see, a handgun company that died of political correctness is bought by a company cashing in on political stupidity (yeah, gun locks are the best answer). I think I'll hold off on any S&W purchases until I hear that the Klinton agreement is no longer in force.
Link Posted: 5/14/2001 9:17:26 AM EST
I think I'll hold off on any S&W purchases until I hear that the Klinton agreement is no longer in force.
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Sounds like a plan. Hopefully they will rid of that crap. I am not in the market for a revolver however; I will not have to care if kimbers frames are or are not made by S&W.
Link Posted: 5/14/2001 9:33:35 AM EST
I would say it is good news
Link Posted: 5/14/2001 9:34:10 AM EST
Originally Posted By SWIRE: [url] http://www.nandotimes.com/business/story/0,1032,500560420-500801515-504341893-0,00.html[/url]
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