Smith & Wesson to Receive Incentives ...

[spin]

Smith & Wesson to Receive Incentives From Commonwealth of Massachusetts

-- Thompson/Center Arms Rifles to be Produced in Springfield, MA Facility

-- Relocation of Manufacturing to Generate 225 New Massachusetts Jobs

-- Smith & Wesson to Receive up to $6.0 Million in Tax Credits Through 2017

SPRINGFIELD, Mass., Dec. 21, 2010 /PRNewswire/ -- Smith & Wesson Holding Corporation (Nasdaq: SWHC), a leader in the business of safety, security, protection, and sport, today announced that the Economic Assistance Coordinating Council (EACC) has approved an application from Smith & Wesson for up to $6.0 million in tax credits in association with expanding its manufacturing operations in Springfield, Massachusetts.

Smith & Wesson applied for the incentives which support the company's commitment to bring 225 new jobs to its Springfield headquarters and to invest significant capital into that facility over the next five years. The newly created jobs in Springfield will span a number of functions, from manufacturing operations to senior management positions. The credits will be awarded over a period of seven years, but hiring for the new jobs will start in January 2011.

The award resulted after several months of discussion between the Commonwealth and Smith & Wesson, while the company considered location options for its rifle manufacturing. James Debney, President of Smith & Wesson Firearms, said, "Although several states and cities have approached us to entice expansion into their locations, Massachusetts and the Patrick-Murray Administration, Secretary Bialecki and his office, and Springfield Mayor Sarno and his staff, collaborated on the project to make our choice clear. These administrations are highly collaborative and worked closely with us on incentive programs to structure an agreement that demonstrates the commitment of both the Commonwealth and the City to not only Smith & Wesson, but to our employees, the local community, and to manufacturing in Massachusetts."

Smith & Wesson Holding Corporation President and CEO, Michael Golden, said, "We are proud to continue our 158-year heritage of firearm manufacturing in Springfield and we are excited that many of the state's largest law enforcement organizations, including Worcester, Springfield, and Lowell, have joined agencies across the nation in choosing the reliability and safety of our Massachusetts-made Military & Police ("M&P") pistols."
http://www.prnewswire.com/news-releases/smith--wesson-to-receive-incentives-from-commonwealth-of-massachusetts-112270659.html

Ready to hire
Armed with tax incentives, Smith & Wesson to expand Springfield plant


Jeremy Kislus is seen assembling a handgun at the Smith & Wesson plant in Springfield. Smith & Wesson plans to invest in the plant and add 225 jobs, aided by $6 million in tax incentives the state approved yesterday.

The state approved $6 million in tax incentives for Smith & Wesson Holding Corp. yesterday to help the gun maker expand its Springfield headquarters and manufacturing plant.

The company said earlier this month it would add 225 jobs at its massive 50-acre Roosevelt Avenue facility in Springfield, where it plans to shift production of its Thompson/Center Arms line of hunting rifles from New Hampshire. The Springfield plant already employs roughly 900 workers.

***snip***

Founded in 1852 by Horace Smith and Daniel B. Wesson, Smith & Wesson makes a variety of rifles, shotguns, pistols, and equipment for hunting, law enforcement, military, and other uses. Executives predicted it would generate between $405 million and $425 million in sales in the fiscal year ending in April, less than expected after a surge in demand last year.

Although some workers will likely relocate from New Hampshire to Springfield as part of the consolidation, Smith & Wesson expects to fill most of the jobs with new hires, including managers, skilled machin ists, and support staff, the company said. The average worker will earn $30,000 to $40,000 per year, although some jobs will pay as much as $165,000 per year.

The $6 million in tax breaks, which will be spread out over seven years, work out to nearly $27,000 per job and form the second-largest incentive package the state has awarded this year. The state recently reconfigured its tax incentive program to steer more money to manufacturers and other companies with significant out-of-state sales, and to give preference to businesses expanding in poorer cities such as Springfield.
http://www.boston.com/business/articles/2010/12/22/massachusetts_oks_tax_incentives_for_gun_maker/

[Jdub4abluenc]

1. Military contracts make expansion easy

The US is equiping the Military & Police in Iraq & Afganistan with S&W Sigma pistols. Award contracts, expand, get tax breaks, get more military contracts - a viciuos cycle. Oh BTW; don't forget to pay your Senator & Congressman's campaign funds.

[Katya Mullethov]

2. I know what you need

Change .

[Atypical Liberal]

3. MA jobs at the expense of NH

Sounds like the Massachusetts jobs are coming from shifting jobs from New Hampshire.

But anyway, this is precisely what governments are supposed to do - they entice businesses to set up shop in their jurisdictions and so provide jobs and increased tax benefits for their communities.

Obviously the folks in MA made an offer that S&W couldn't refuse. Good for them.

[PavePusher]

4. Considering Mass. gun laws...

I really wish S&W had tried to go elsewhere.

[Katya Mullethov]

5. With taxes there is a bit more leeway

They can screw the other guy and pass the savings on to you .

Here's some big news today

http://www.google.com/#hl=en&source=hp&biw=1024&bih=583&q=++Gun+Possession+by+Domestic++Misdemeanants&btnG=Google+Search&aq=f&aqi=&aql=&oq=++Gun+Possession+by+Domestic++Misdemeanants&gs_rfai=&fp=c27231f674954267

[Euromutt]

6. That's business

I have to agree with PavePusher that there's more than a little irony (or more accurately, hypocrisy) about the Commonwealth of Massachusetts going through these contortions to keep jobs in the state that involve manufacturing items you can't legally sell in that same state. Ditto with the sheer number of arms and ammo manufacturers in Illinois.

[spin]

7. It does make Massachusetts look hypocritical. (n/t)

[mvccd1000]

8. Glad to see American jobs stay in America, but...

...the condition of that poor guy's hands jumped out at me from the picture. He definitely has tape or a bandage on his left thumb, and possibly on his right. The glove he's wearing isn't doing much for his fingertips.

When I was at GM they started forcing us to wear gloves that they provided. I was pretty resistant to the idea, because I assembled test transmissions. I was immersed in ATF all day, and I needed to be able to assemble small parts. Under threat of my job, however, they finally convinced me to start wearing them, and it turned out I was very pleased. I was still able to handle small screws or wire clips, and I went home at the end of the day with clean hands and no cuts or nicks. I liked them so much that I now buy the same gloves with my own money for work in my garage or around the house.

No reason the workers at a company that just got a $6 million tax break shouldn't have the same kind of protection...


(I know it's totally OT, but that's the first thought that popped in my head when I saw the pic in the OP; nobody wearing gloves, even though they're working at benches full of sharp tools.)

[PavePusher]

9. I've been in military viation maintenance for 20+ years.

I am unaware of any gloves that offer cut protection that will still let you adequetely handle the small parts involved in gunsmithing. The gloves you pictured are intended to improve grip and offer protection from minor abrasions and blisters. They will also give some minimal protection against residual fluids/films, but not, obviously, full immersion in such.

Sometimes, there is not protective gear that still lets you get the work done.

[mvccd1000]

15. That was my argument, too.

Turned out I was wrong. I was able to use the pictured gloves to handle anything from small machine screws or tiny snap rings. Like I said; I was very resistant to the idea, but they proved me wrong.

His table is full of hand tools, and his hands are full of injuries. Seems like a no-brainer to me.

(PS - I was in the military, too. PPE was a much lower priority there than it was on the outside.)

[RSillsbee]

14. I worked as a machinist for several years

and we were not allowed to wear gloves because of the potential for them to get caught in moving machinery.

In one shop where we did where gloves they becaome soaked w/ coolant and very uncomforable to wear rather quickly.

[pipoman]

10. Smith lost favor with many shooters and enthusiasts

several years ago when they buckled under demands for an integrated locking system on handguns. The lock looks silly and nobody uses it. I like old (pre-1981) Smith revolvers (P&R)and their M39 semis. Post 1981 the manufacturing process was cheapened, then the 1994? integrated lock nonsense...I don't like them as well

[spin]

11. Some people also said the lock malfunctioned and locked the weapon up while shooting ...

This subject has been hotly debated on a number of forums. I own S&W revolvers with and without the lock and have had no problems.

At the range one time a shooter walked off the firing line and asked if anyone had the key for the S&W lock. I keep one on my key chain so I unlocked his revolver which he said had locked up while shooting.

The range master said this shooter was so absent minded that he probably locked the gun himself at home and forgot to unlock it before coming to the range.

I see absolutely no value in the lock unless you are in the habit of leaving a loaded self defense handgun in a location where young children could find it. The drawback is that you would have to unlock the firearm if you needed it in an emergency. This might be tricky to accomplish under stress. It makes more sense to use a quick access safe if you have young children.



Some people also feel that the lock ruins the appearance of the handgun.


Smith & Wesson Model 60 .357 Magnum Five Inch Kit Gun

[pipoman]

12. I actually do own one lock type M638

and have had no issues with it, it is more the principal of the agreement that I find distasteful. I haven't really heard of too many verified claims of failure, seems I have read about 1 or 2. The older pinned and recessed revolvers are beautifully machined precision tools which I admire, the newer stuff strikes me as more mass produced, high tolerance, production, consumer products.

[spin]

13. I agree that the older S&W revolvers are a good choice ...

Plus they may be a good investment like this .357 Registered Magnum. The asking price is $4500. http://collectorsfirearms.com/admin/product_details.php?itemID=29311

[pipoman]

16. Every aspect of the older Smiths

was quality and workmanship. The low tolerance, tight fit of all parts, the deep bluing, grips, and precise trigger are all second to none. All of the pre-1981 revos have increased in value over the last 10 years. The registered mags have become cost prohibitive for guys like me. Very nice, collectible, P&R S&W revolvers can still be had sub-$1k and even better prices can be had at local pawn shops and gun stores. I bought a boxed M29-2 with almost no turn line on the cyl. at a pawn shop for $650 a while back. That gun would cost $2k retail if manufactured to the same specs today.

[spin]

17. The prices on the older Smiths has been increasing ...

people are realizing that they are a great value.