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Smith & Wesson

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Smith & Wesson Holding Corp.
Company typePublic (Nasdaq: SWHC)
IndustryAerospace/Defense Products & Services
Founded1852
FounderHorace Smith, Daniel B. Wesson
Headquarters
Springfield, Massachusetts
,
 United States
Key people
Michael F. Golden (CEO), John A. Kelly (CFO), Leland A. Nichols (COO),
ProductsFirearms and law enforcement goods
RevenueIncreaseUS$296 million (2008)[1]
DecreaseUS$9 million (2008)[1]
Number of employees
1,453 (2008)[1]
SubsidiariesThompson/Center
WebsiteSmith-Wesson.com

Smith & Wesson (Nasdaq: SWHC) (S&W) is the largest manufacturer of handguns in the United States. The corporate headquarters is in Springfield, Massachusetts. Founded in 1852, Smith & Wesson's pistols and revolvers have become standard issue to police and armed forces throughout the world. Consequently they have been used by sport shooters and have been featured in numerous Hollywood movies, particularly Clint Eastwood's Dirty Harry. Smith & Wesson has been known for the many types of ammunition it has introduced over the years, and many cartridges bear the company's name.

History

Beginning

Smith & Wesson factory in Springfield, Massachusetts, circa 1908.

In 1852 partners Horace Smith and Daniel B. Wesson formed a company to produce a lever-action pistol[2] nicknamed the Volcanic pistol. The company became known as the "Volcanic Repeating Arms Company"; financial difficulties caused it to come into the majority ownership of investor Oliver Winchester. Previously, in the late 1840s, Daniel Wesson's brother Edwin, of Hartford, Massachusetts, had manufactured revolvers under the name of Wesson & Leavitt. After Edwin Wesson's death, that firm continued under the supervision of Thomas Warner.[3]

In 1856 the partners left the Volcanic Company to begin a new company and to manufacture a newly-designed revolver-and-cartridge combination which would become known as the Smith & Wesson Model 1.[3] The timing of the founding of this new company proved quite opportune for the partners, since the onset of the American Civil War five years later produced a great demand for Smith & Wesson's products, specifically the Smith & Wesson Model 2.[3]

In 1867, Smith & Wesson began a global sales campaign that introduced the company's revolvers and ammunition to new markets, such as Russia, and established the company as one of the world's premier makers of firearms.[3] The Smith & Wesson Model 3, eventually became known as the "Russian Model" and was a favorite of US Lawman, Wyatt Earp. The US Army adopted the Model 3 as the "Schofield" and used it throughout the Indian Wars of the West.

In 1964 the company passed from Wesson family control, and subsequently several conglomerates took control of it.

Between 1987 and 2001 Smith & Wesson was owned by the British engineering company Tomkins PLC.

Agreement of 2000

In March 2000 Smith & Wesson signed an agreement with the Clinton Administration in order to avoid lawsuits.[4] The company agreed to numerous safety and design standards, as well as limits on the sale and distribution of their products. Gun clubs and gun rights groups responded to this agreement by initiating large-scale boycotts of Smith & Wesson by refusing to buy their new products and flooding the firearms market with used S&W guns, cutting into their market share. [5][6] This agreement signed by Tomkins PLC ended with the sale of Smith and Wesson to the Saf-T-Hammer Corporation. The new company (Smith and Wesson Holding Corporation), which publicly renounced the agreement, was received positively by the firearms community.[7]

Acquisition by Saf-T-Hammer

On May 11, 2001, Saf-T-Hammer Corporation acquired Smith & Wesson Corp. from Tomkins PLC for US$15 million, a fraction of the US$112 million originally paid by Tomkins. Saf-T-Hammer assumed US$30 million in debt, bringing the total purchase price to US$45 million.[8][9] Saf-T-Hammer, a manufacturer of gun locks and other firearms safety products, purchased the company with the intention of incorporating its line of security products into all Smith & Wesson firearms in compliance with the 2000 agreement.

The acquisition of Smith & Wesson was chiefly brokered by Saf-T-Hammer President Bob Scott, who had left Smith & Wesson in 1999 because of a disagreement with Tomkins’ policies. After the purchase, Scott became the president of Smith & Wesson to guide the 157-year-old company back to its former standing in the market.[citation needed]

On February 15, 2002, the name of the newly formed entity was changed to Smith & Wesson Holding Corporation.BOUGHT AND SOLD CRACKERS

  • Cal. .44, between 1881 and 1923
    Cal. .44, between 1881 and 1923
  • Smith & Wesson Army No 2, made 1863, caliber .32 Rimfire
    Smith & Wesson Army No 2, made 1863, caliber .32 Rimfire
  • Model 1, cal. .22
    Model 1, cal. .22
  • Smith & Wesson Volcanic, cal. .31, between 1854 and 1855
    Smith & Wesson Volcanic, cal. .31, between 1854 and 1855
  • Model 3, Cal. .44, between 1874 and 1878
    Model 3, Cal. .44, between 1874 and 1878

Ammunition types introduced by Smith & Wesson

Notable revolvers

Smith & Wesson Model 1 Second Issue, .22 rimfire Post 1857

Smith & Wesson has produced revolvers over the years in several standard frame sizes. "M refers to the small early Ladysmith frame, I to the small .32 frame, J to the small .38 frame, K to the medium .38 frame, L to medium large, and N to the largest .44 Magnum type frame".[13]

J-Frame (small) Models
K-Frame (medium) Models
L-Frame (medium-large) Models
M-Frame (extra small old) Models
N-Frame (large) Models
Smith & Wesson Model 29s .44 Remington Magnum, 4- and 8⅜-inch barrels
X-Frame

Notable semi-automatic pistols

Semi-automatic pistols

In 1953 the US Army was looking for a pistol to replace the Colt 1911A1.[14] In order to obtain a bid from the US Government, Smith & Wesson began working on a design similar to the German Walther P-38.[14] A year later the Army dropped its search and Smith & Wesson introduced its pistol to the civilian shooting market as the Model 39.[14]

The Model 39 would come to be known as a first generation pistol. Since the Model 39 debuted, Smith & Wesson has continuously developed this design into its third generation pistols now on the market. The first generation models use a 2 digit model number, the second generation use 3 digits, and third generation models use 4 digits.

.45 Semi-auto Chief's Special

Sigma series

A Sigma pistol

Smith & Wesson introduced the Sigma series of recoil-operated, locked-breech semi-auto pistols in 1994 with the Sigma SW40F, followed by the Sigma SW9F 9 mm, which included a 17 shot magazine.[14] Sigma pistols were functionally very similar to Glocks. There were reports of owners interchanging parts between Glocks and Sigmas successfully. Glock initiated a patent infringement lawsuit against Smith & Wesson. The latter paid an undisclosed amount to settle the case and for the right to continue producing models in the Sigma line.[20] The gun frame is manufactured from polymer, while the slide and barrel use either stainless steel or carbon steel. In 1996, Smith & Wesson updated the Sigma by adding a compact model by shortening the barrel (from 4-1/2 to 4 inches) and again in 1999, modified the series by changing the grip by adding checkering and adding an integral accessory rail for lights and laser targeting devices.[14]

SW99 Series

S&W reached an agreement with Walther to produce variations of the P99 line of pistols.[14] Branded as the SW99, the pistol is available in several calibers, including 9 mm, .40 S&W, and .45 ACP, and in both full size and compact variations. Under the terms of the agreement, Walther produced the frames, and Smith and Wesson produced the slide and barrel. The pistol has several cosmetic differences from the original Walther design and strongly resembles a hybrid between the P99 and the Sigma series.[14]

M&P Series

Smith & Wesson M&P pistol.
Main article: Smith & Wesson M&P (semi-automatic)

In 2005, Smith & Wesson debuted a new polymer-frame pistol intended for the law enforcement market. Dubbed the M&P (for Military and Police), its name was meant to evoke S&W's history as the firearm of choice for law enforcement agencies through its previous lineup of M&P revolvers. The M&P is a completely new design with no parts interchangeable with any other pistol including the Sigma. The new design not only looks completely different than the Sigma but feels completely different with 3 different back straps supplied with each M&P. Many of the ergonomic study elements that had been incorporated into the Sigma and the SW99 were brought over to the M&P. The improved trigger weight and feel, and unique takedown method (not requiring a dry pull of the trigger) were meant to set the M&P apart from both the Sigma and the popular Glock pistols.

The M&P is available in 9x19 mm Para, .40 S&W, and .357 SIG. A .45 ACP model was released in early 2007, after making its debut at the SHOT Show. In addition, compact versions are available in 9x19 mm Para, .40 S&W, .357 SIG, and .45 ACP.

SW1911 Series

A basic version of Smith & Wesson's SW1911 with user-installed Pachmayr grips.

In 2003, Smith & Wesson introduced their variation of the classic M1911 .45 ACP semi-automatic handgun, the SW1911. This firearm retains the M1911's well known dimensions, operation, and feel, while adding a variety of modern touches. Updates to the design include serration at the front of the slide for easier operation and disassembly, a high "beaver-tail" grip safety, external extractor, lighter weight hammer and trigger, as well as updated internal safeties to prevent accidental discharges if dropped. S&W 1911s are available with black finished carbon steel slides and frames or bead blasted stainless slides and frames. They are available with aluminum frames alloyed with scandium in either natural or black finishes. These updates have resulted in a firearm that is true to the M1911 design, with additions that would normally be considered "custom", with a price similar to equivalent designs from other manufacturers.

Smith & Wesson's Performance Center produces the top of the line hand fitted competition version knowns as the PC 1911. While most 1911s run around 38 to 39 ounces, the PC 1911 is heavier, at approximately 41 ounces. The full-length guide rod adds some weight, and so does the add-on magazine well.

Rifles and carbines

During the early years of WW2, Smith & Wesson manufactured batches of the Model 1940 Light Rifle under request from the British Government.

In January 2006, Smith & Wesson reentered the rifle market with its M&P15 series of rifles based on the AR-15 platform. Unveiled at SHOT Show 2006, the rifle debuted in two varieties; the M&P15 and the M&P15T. Both are basically the same rifle, chambered in 5.56 NATO, with the T model featuring folding sights and a four-sided accessories rail. At its debut, the M&P15's suggested retail price was $1,200, while the M&P15T retailed for $1,700. Their current line consists of four models, ranging in price from $1,049 to $2,200. These rifles were first produced by Stag Arms, but marketed under the Smith & Wesson name.[21] Currently Smith & Wesson makes the lower receiver in house while the barrel is supplied by Thompson/Center, an S&W company.

In May 2008, Smith and Wesson introduced their first AR-variant rifle in a caliber other than 5.56 NATO. The M&P15R is a standard AR platform rifle chambered for the 5.45x39mm cartridge.[22] In 2009, they released the M&P15-22, chambered for .22 Long Rifle.[23]

Smith and Wesson manufactures a line of bolt action rifles called the i-Bolt. These synthetic stock rifles are available in .270 Win or .30-06 caliber.

Submachine gun

In 1967 Smith & Wesson produced a 9mm Submachine gun, hoping to capitalize on US sales of the Israeli Uzi and HK MP5. They borrowed the magazine of the Carl Gustav M/45 submachine gun (Kulsprutepistol m/45 or Kpist m/45) which had been popular with the U.S. forces in Vietnam as the "Swedish K") and made a similar side-folding stock. But the rest of the straight blowback (arms) weapon had no parts in common with the earlier Swedish gun. The S&W Model 76 submachine gun was made in limited numbers and was primarily used as a police weapon. Because all of them were made prior to 1986, many of them made it into civilian hands in the USA and are commonly used in Submachine gun competition.[15]

Shotguns

Smith & Wesson produced the Model 916, 916T, and 916A 12-gauge shotguns which were plagued by poor quality control and had cascading minor issues in the field, prompting them to move on to the model 1000 and 3000 shotguns. However, Smith & Wesson exited the shotgun market in the late 1980's to return to their "core" market of handguns.

In November 2006, S&W announced that it would reenter the shotgun market with two new lines of shotguns, the Elite series and the 1000 series, unveiled at the 2007 SHOT Show. Along with the new shotguns, S&W debuted the Heirloom Warranty program, a first of its kind in the firearms industry. The warranty provides both the original buyer and the buyer's chosen heir with a lifetime warranty on all Elite Series shotguns.[24]

Internal locking mechanism

Partial Lock Failure The hammer rebounded from the recoil of a magnum load and the internal lock pin impinged enough to freeze it in place

All Smith & Wesson revolvers have been equipped with an internal locking mechanism since the acquisition by Saf-T-Hammer. The mechanism is relatively unobtrusive, is activated with a special key, and renders the firearm inoperable. While the lock can simply be left disengaged, some gun enthusiasts will only buy "pre-lock" guns, fearing the lock might cause the gun to malfunction when needed most, as in a crisis. If the lock breaks, the gun will not work without being repaired.[25] Smith & Wesson has repeatedly stated that the locking mechanism does not affect reliability, although several cases have been documented.[26]

Smith & Wesson announced in March, 2009, that it would begin phasing the internal lock out of its revolver lineup.[27] According to Massad Ayoob in a reply to this statement, however, he claims this is a misquote. "In September (2008) during a visit to the factory, I learned that some in Springfield don't like the lock either and would like to get rid of it as much as anyone posting here. In January (2009) at the SHOT Show, another S&W exec told me simply that it ain't gonna happen."

Other products

Smith & Wesson markets gun accessories, handcuffs, safes, apparel, watches, collectibles, knives, tools, air guns, and myriad other products under its brand name, including cologne and handbags.

In October 2002, Smith & Wesson announced it had entered into a licensing agreement with Cycle Source Group to produce a line of bicycles designed by and for law enforcement. These bicycles feature custom configurations and silent hubs ( for 'stealth' cycling ), and are available for purchase by 'civilians'.[28][29]

Smith & Wesson flashlights are available to the general public. They are[when?] designed and produced by PowerTech, Inc, in Collierville, Tennessee.[citation needed] Most, if not all, S&W flashlights are made in China.[citation needed]

Smith & Wesson has a line of wood pellet grills named after various pistol cartridges, such as .22 Magnum, .38 Special, .44 Magnum, .357 Magnum, and .500 Magnum.[citation needed]

Smith & Wesson has entered into a licensing agreement with North Carolina based Wellco Enterprises to design and distribute a full line of tactical law enforcement footwear.[30]

See also

References

  1. ^ a b c "Company Profile for Smith & Wesson Holding Corp (SWHC)". Retrieved 2008-10-03.
  2. ^ Smith & Wesson History. smith-wesson.com. Accessed 26 August 2009.
  3. ^ a b c d Boorman, Dean (2002). The History of Smith & Wesson Firearms. The Lyons Press. p. 128. ISBN 1585747211.
  4. ^ LS-474: "Clinton Administration and State and Local Governments Reach
    Breakthrough Gun Safety Agreement With Smith & Wesson"
  5. ^ March 17, 2000 CNN transcript of UD Secretary Andrew Cuomo announcing agreement
  6. ^ Announcement from the Public Affairs Office of the US Treasury (BATF division) of the HUD and Smith & Wesson agreement
  7. ^ Workman, Dave (2004), "Problems Dog S&W over Chairman's Past?", Gun Week
  8. ^ Article on Sale of Smith & Wesson
  9. ^ Phoenix Business Journals on Smith & Wesson Sale
  10. ^ a b c d e f g h i j k Barnes, Frank C. (2003). Cartridges of the World: 10th Edition, Revised and Expanded. Krause Publications. p. 528. ISBN 978-0873496056. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  11. ^ a b Complete Guide to Handloading by Philip Sharpe 1937 to 1957
  12. ^ a b Barnes, Frank C. (2006) [1965]. Skinner, Stan (ed.). Cartridges of the World (11th Edition ed.). Iola, WI, USA: Gun Digest Books. pp. 312, 338. ISBN 0-89689-297-2. {{cite book}}: |edition= has extra text (help)
  13. ^ The History of Smith & Wesson Firearms Dean K. Boorman, 2002, pp 44-45
  14. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj Hartink, A.E. (2002). The Complete Encyclopedia of Pistols and Revolvers. Edison, New Jersey: Chartwell Books, Inc. pp. 87–88. ISBN 9780785815198.
  15. ^ a b c d e f g h i j k l m n o p q r Supica, Jim (2007). Standard Catalog of Smith & Wesson. Gun Digest Books. p. 384. ISBN 978-0896892934.
  16. ^ a b c d Thompson, Leroy (1993). Great Combat Handguns. London: Arms & Armour. pp. 97–100. ISBN 1-85409-168-9. {{cite book}}: Unknown parameter |coauthor= ignored (|author= suggested) (help)
  17. ^ Smith & Wesson (1961). Smith & Wesson .22 Magnum Revolver Model No. 53. Springfield, MA: Smith & Wesson. pp. 1–5.
  18. ^ The History of Smith & Wesson Firearms Dean K. Boorman, 2002, pp 117
  19. ^ The History of Smith & Wesson Firearms Dean K. Boorman, 2002, pp 84
  20. ^ Smith, Dan (2006). "Review: Smith & Wesson M&P .40 Cal Pistol". Retrieved 2008-12-17. {{cite web}}: Unknown parameter |month= ignored (help)
  21. ^ S&W press release on new M&P15 Rifles
  22. ^ "Smith and Wesson M&P15R: New AR15 Platform Rifle and Uppers in 5.45×39".
  23. ^ Rackley, Paul. An AR Plinking Good Time, American Rifleman
  24. ^ S&W press release on new line of shotguns
  25. ^ Michael Bane. S&W Revolver Lock Failure. The Michael Bane Blog. 27 August 2007
  26. ^ Ayoob, Massad.(2005) "Gun Lock Failure". American Handgunner. Jan–Feb 2005.
  27. ^ Ayoob, Massad.(2009) "S&W Gives its Customers What They Want". American Handgunner. Mar-Apr 2009.
  28. ^ S&W press release on new line of bicycles
  29. ^ S&W press release on Police Bicycles
  30. ^ www.policeone.com/police-products
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