JUNE 4, 2023 — 129 CONNECTICUT EMPLOYEES TARGETED IN CLOSURE IN 2024
The company has announced that it will be closing its Precision Components Deep River, Connecticut plastics facility in 2024 and laying off 129 employees in phases beginning on August 4, 2023, and continuing through December 31, 2024.
The company is continuing to transition manufacturing operations to a more friendly business climate in Tennessee.
OCTOBER 8, 2021 — Original Blog
Springfield, Massachusetts-based Smith & Wesson, the iconic firearms and sporting goods manufacturer, has announced plans to move its Springfield headquarters and a "significant" portion of its manufacturing operations to Maryville, Tennessee. Additional moves from Deep River, Connecticut, and Columbia, Missouri to Maryville are also scheduled. The relocation will have no impact on the company's operations in Houlton, Maine.
The move, which will impact 750 employees, is scheduled to commence in 2023.
Smith & Wesson will keep some of its manufacturing operations in Springfield, Massachusetts, including all forging, machining, metal finishing, and assembly of revolvers, and will continue to have over 1,000 employees in the state.
The new facility will be built in Maryville, Tennessee, expected to begin in the calendar fourth quarter of 2021 and be substantially complete by the summer of 2023, will house the company's headquarters, plastic injection molding, pistol, and long gun assembly, and distribution.
The primary decision to uproot a company that has resided in Springfield, Massachusetts since the company was incorporated in 1852, was conditioned on the increasingly hostile political environment to gun manufacturers. Secondary considerations include reducing the number of locations the company maintains from four to three and significantly streamline its manufacturing and distribution operations.
According to Mark Smith, President and Chief Executive Officer of Smith and Wesson, "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."
Referring to proposed and pending state legislation, "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."
"Our loyal employees are the reason for our success and are always our number one priority. We are deeply saddened by the impact that this difficult decision will have on so many of our dedicated employees, but in order to preserve future jobs and for the viability of our business in the long term, we are left with no choice but to relocate these functions to a state that does not propose burdensome restrictions on our company."
"We are making this announcement now to ensure that each employee has the time to make the decision that is right for them and their families. We are firmly committed to working on an individual level with each and every one of those who will be affected."
The company's plastic injection molding facility in Deep River, Connecticut, which services both Smith & Wesson as well as a significant number of external customers, will be sold.
The Smith & Wesson portion of the operations will be moved to the new facility in Maryville, Tennessee, however, the external customer business will remain in Connecticut and will be divested.
The company's distribution operations in Columbia, Missouri will be moved to the new facility in Maryville, Tennessee, and the Columbia, Missouri facility will be marketed for sublease.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?