just received this in a newsletter for bellmtc about t/c closing and moving
BREAKING NEWS!
Just verified via phone call to TC this morning, Smith & Wesson is shutting down & moving the Thompson Center plant to MA over the next 9 months.
I was told this morning that the repair facilities will continue operation in New Hampshire.
Here is a link to the announcement:
http://www.fosters.com/apps/pbcs.dll/article?AID=/20101209/GJNEWS_01/712099667
Nothing is posted on the TC website as yet.
Here is a copy of the text of the announcement
osted 09 December 2010 20:47
Thompson/Center Arms to close Rochester plant
Thursday, December 9, 2010
ROCHESTER — Springfield, Mass-based Smith & Wesson Holding Corp is
relocating its Thompson/Center Arms operations from Rochester, N.H., to
its Springfield, Mass. facility, according to the City biz Real Estate
website.
The site posted the news late Wednesday night.
Foster's Daily Democrat has learned the company bused its employees to a
meeting at the Governor's Inn Restaurant around 4 p.m. Wednesday. At the
meeting company representatives were reported to have said the
Thompson/Center Arms facility would be closed over a period of about
nine months.
The closure will effect approximately 250 employees, some who may be
offered the opportunity to move the company's Springfield operation.
Foster's also learned over the next couple of weeks there will be
meetings with employees to discuss severance issues and the possible
relocation of some local workers to Springfield. Employees were also
told the company was continuing to look for a buyer for the foundry at
the Rochester facility.
According to its most recent annual report, the company owns three
manufacturing facilities in its firearm division. Its principal facility
is the 530,323-square-foot Springfield plant. It also owns a
38,115-square-foot plant in Houlton, Maine, and the 160,000-square-foot
plant in Rochester.
The bulk of the $9 million of estimated cash outlays associated with the
relocation will occur in the second half of 2011, and those outlays are
expected to be recovered in approximately 24 months. The relocation is
scheduled to commence in January 2011 and conclude by November 2011.
As a result of the relocation of its Thompson/Center Arms operations,
Smith & Wesson expects to record future expense of approximately $6
million, consisting of approximately $3 million for personnel-related
exit costs and approximately $3 million of other facility-related
shutdown costs, including costs for moving and facility preparation.
The Springfield facility is primarily used to manufacture handguns and
rifles; the Houlton facility is primarily used to manufacture handcuffs,
restraints, .22-caliber pistols, metal center-fire pistols, and the
Walther PPK and PPK/S pistols; and the Rochester facility is used
primarily to produce hunting rifles, black powder firearms,
interchangeable firearm systems, and long gun barrels.
The company also owns a 56,869-square-foot facility in Springfield that
it uses for the Smith & Wesson Academy, a state-accredited firearm
training institution, a public shooting facility, and a retail store;
and a 6,000-square-foot retail facility in Rochester.
The company leases office and manufacturing space at four facilities in
its perimeter security division. The facilities are all located within a
quarter mile of each other in Franklin, Tenn. The total space leased is
61,509 square feet.
The company also leases 2,800 square feet of office space in Scottsdale,
Ariz., which houses its investor relations department as well as offices
for its board of directors, and 577 square feet of office space in
Washington, D.C., which houses certain executive staff. Both of these
leases expire on Dec. 31, 2010.
Smith & Wesson acquired Rochester, NH-based Thompson/Center Arms, Inc.,
a privately held, New Hampshire-based designer, manufacturer and
marketer of hunting firearms, for $102 million in cash in 2006.
BREAKING NEWS!
Just verified via phone call to TC this morning, Smith & Wesson is shutting down & moving the Thompson Center plant to MA over the next 9 months.
I was told this morning that the repair facilities will continue operation in New Hampshire.
Here is a link to the announcement:
http://www.fosters.com/apps/pbcs.dll/article?AID=/20101209/GJNEWS_01/712099667
Nothing is posted on the TC website as yet.
Here is a copy of the text of the announcement
osted 09 December 2010 20:47Thompson/Center Arms to close Rochester plant
Thursday, December 9, 2010
ROCHESTER — Springfield, Mass-based Smith & Wesson Holding Corp is
relocating its Thompson/Center Arms operations from Rochester, N.H., to
its Springfield, Mass. facility, according to the City biz Real Estate
website.
The site posted the news late Wednesday night.
Foster's Daily Democrat has learned the company bused its employees to a
meeting at the Governor's Inn Restaurant around 4 p.m. Wednesday. At the
meeting company representatives were reported to have said the
Thompson/Center Arms facility would be closed over a period of about
nine months.
The closure will effect approximately 250 employees, some who may be
offered the opportunity to move the company's Springfield operation.
Foster's also learned over the next couple of weeks there will be
meetings with employees to discuss severance issues and the possible
relocation of some local workers to Springfield. Employees were also
told the company was continuing to look for a buyer for the foundry at
the Rochester facility.
According to its most recent annual report, the company owns three
manufacturing facilities in its firearm division. Its principal facility
is the 530,323-square-foot Springfield plant. It also owns a
38,115-square-foot plant in Houlton, Maine, and the 160,000-square-foot
plant in Rochester.
The bulk of the $9 million of estimated cash outlays associated with the
relocation will occur in the second half of 2011, and those outlays are
expected to be recovered in approximately 24 months. The relocation is
scheduled to commence in January 2011 and conclude by November 2011.
As a result of the relocation of its Thompson/Center Arms operations,
Smith & Wesson expects to record future expense of approximately $6
million, consisting of approximately $3 million for personnel-related
exit costs and approximately $3 million of other facility-related
shutdown costs, including costs for moving and facility preparation.
The Springfield facility is primarily used to manufacture handguns and
rifles; the Houlton facility is primarily used to manufacture handcuffs,
restraints, .22-caliber pistols, metal center-fire pistols, and the
Walther PPK and PPK/S pistols; and the Rochester facility is used
primarily to produce hunting rifles, black powder firearms,
interchangeable firearm systems, and long gun barrels.
The company also owns a 56,869-square-foot facility in Springfield that
it uses for the Smith & Wesson Academy, a state-accredited firearm
training institution, a public shooting facility, and a retail store;
and a 6,000-square-foot retail facility in Rochester.
The company leases office and manufacturing space at four facilities in
its perimeter security division. The facilities are all located within a
quarter mile of each other in Franklin, Tenn. The total space leased is
61,509 square feet.
The company also leases 2,800 square feet of office space in Scottsdale,
Ariz., which houses its investor relations department as well as offices
for its board of directors, and 577 square feet of office space in
Washington, D.C., which houses certain executive staff. Both of these
leases expire on Dec. 31, 2010.
Smith & Wesson acquired Rochester, NH-based Thompson/Center Arms, Inc.,
a privately held, New Hampshire-based designer, manufacturer and
marketer of hunting firearms, for $102 million in cash in 2006.
