The law would affect 60% of the gun manufacturer’s revenue
Gun maker Smith & Wesson Brands Inc. will move its headquarters to Tennessee next year because of a proposed firearms law in its home state of Massachusetts.
The law, if enacted, would bar Smith & Wesson from manufacturing products that accounted for more than 60% of its revenue last year.
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Mark Smith, CEO of Smith & Wesson, said, “These bills would prevent Smith & Wesson from manufacturing firearms that are legal in nearly every state in America and that are safely used by millions of law-abiding citizens every day. ” said in a statement.
Smith & Wesson has been based in Springfield, Massachusetts since its incorporation in 1852. The facility will remain operational, but others in Connecticut and Missouri will be closed as part of the consolidation.
Up to 750 jobs will move from those facilities to the new headquarters in Maryville, Tennessee. Employees who cannot take this step will be offered enhanced severance and job placement services.
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“This has been an extremely difficult and emotional decision for us, but after a thorough and in-depth analysis of the continued health and strength of our prestigious company, we feel we are left with no other choice,” Smith said.