(Bloomberg) -- Smith & Wesson Brands, one of the oldest arms manufacturers in the U.S., announced it will relocate its headquarters to Tennessee after about 170 years in Massachusetts, citing a proposed bill that would ban assault-weapon manufacturing in its home state.
The Springfield, Massachusetts-based company will invest $120 million to move its headquarters and at least 750 jobs to Maryville, Tennessee, by 2023. Chief Executive Officer Mark Smith said that the decision came after proposed legislation in the Northeastern state could limit the production of firearms that account for more than 60% of the company's revenue. If passed, the bill would ban the manufacturing of assault weapons for purposes other than law enforcement and military use.
“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 Second Amendment rights,” Smith said in a statement.
The company said it chose Tennessee because of its support for the Second Amendment, business-friendly environment and favorable location for distribution, among other factors.
Despite the relocation, Smith & Wesson plans to maintain around 1,000 jobs in Massachusetts, while operations in Houlton, Maine, will not be affected. Meanwhile, it will also shut down facilities in Connecticut and Missouri, reducing its number of locations countrywide from four to three.
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