Joined by Congressman Richard E. Neal, Springfield Mayor Domenic J. Sarno, City and State Economic Development Officials, Smith & Wesson President and Chief Executive Officer James Debney announced details of the Company’s recently filed 2011 Economic Development Incentive Program (EDIP) Annual Report.
The EDIP is a tax incentive program designed to foster job creation and stimulate business growth throughout the Commonwealth by assisting companies with state and local tax incentives in exchange for job creation, manufacturing job retention and private investment commitments.
In January 2011, the City of Springfield approved a Special Tax Assessment agreement for Smith & Wesson which was designed to combine incentives provided by the Commonwealth through the State’s EDIP and Manufacturing Retention Projects (MRP), which are allowed in only Gateway Cities. The City also set aside $100,000 in Community Development Block Grant monies for job training support to the company. As part of the agreement, Smith & Wesson pledged the creation of 225 new positions at the Springfield plant and pledged $14 million of capital investment into the Springfield based operations in the calendar year 2011 alone.
“We have continued to make substantial investments in our community of Springfield, and into our growing base of employees here,” said James Debney, President and CEO of Smith & Wesson. “Our commitment is reflected in our investment of substantial capital over 2011, and the addition of new jobs to our operation in Springfield.”
The report, filed with the Massachusetts Office of Business Development, highlights the Company’s creation of 217 new full-time jobs with average yearly wages of approximately $47,000 per job. Of these new hires, 35% are Springfield residents. Company officials expect the total number of new full-time jobs to reach 227 by the end of February. The Company has also had a total investment of over $19 million through December 31, 2011.
Debney praised the efforts of the Patrick/Murray Administration, Congressman Richard E. Neal, Secretary Bialecki and the Sarno Administration. “That collaboration, and the positive growth we were able to generate, 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. This year we are proud to celebrate our 160-year heritage of firearm manufacturing in Springfield, Massachusetts and we look forward to our mutual growth and success.”
"Smith & Wesson is one of the oldest and most prestigious businesses in western Massachusetts, employing hundreds of workers with good paying manufacturing jobs. Its iconic name has been synonymous with the City of Springfield for more than a century. I have been a consistent supporter of the company for many years, and have worked closely with its executives to help the company grow and expand. Today's announcement clearly demonstrates that the local, state and federal investment in Smith & Wesson is paying big dividends, bringing more than 200 new jobs to the region. It's a victory for both the public and private sector," said Congressman Richard E. Neal.
“The City of Springfield and Smith & Wesson have had a strong long-standing partnership and we look forward to continuing this partnership,” stated Mayor Domenic J. Sarno. The Company has continued to make multi-million dollar investments in their Springfield facility and I vow to keep working with them and providing assistance so that they are able to continue to grow at their Roosevelt Avenue facility in this competitive economic climate.” Mayor Sarno also praised the efforts of the Patrick/Murray Administration, Congressman Richard E. Neal and Secretary Gregory Bialecki for helping to make Springfield a “Gateway City” and a positive place for Smith & Wesson to do business.
Smith & Wesson has been a great corporate partner for the City and the region which has been demonstrated by the Company’s investment of $70 million into their Springfield operations over the past six years. An additional $33 million is expected to be invested into the Company’s facility over the next three years.
“The Patrick-Murray Administration has been a strong and reliable partner to our cities and towns, helping create good-paying jobs and growing local economies,” said Secretary of Housing and Economic Development Greg Bialecki. “EDIP investments, like the one Smith & Wesson received, help support job creation regionally, boost business development in gateway cities across the Commonwealth, and help support businesses that want to expand and grow in the Commonwealth.”
About Smith and Wesson:
Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality firearms, related products and training to the global military, law enforcement, and consumer markets. The company’s brands include Smith & Wesson, M&P and Thompson/Center Arms. Smith & Wesson facilities are located in Massachusetts and Maine. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com.