MARYVILLE, Tenn. — Smith and Wesson said its Maryville headquarters is set to open on Oct. 7 with a grand opening event starting at 12 p.m.
The gun manufacturer announced in 2021 that it planned to move its headquarters to East Tennessee. It entered into a "Payment-in-lieu-of-tax program" agreement with area leaders and agreed to spend at least $120 million on the new property and to complete construction by the end of December 2023.
The Industrial Development Board of Blount County and the Cities of Alcoa and Maryville said the company would be required to create 620 new jobs at an average wage of $25.97 per hour. This would generate more than $33 million in direct income for workers in the area, according to records.
The company will be renting its facility from the local government, according to officials. They will need to pay 40% of the taxes they would theoretically owe to the government if they owned the property themselves starting in 2023.
At the end of the lease, Smith & Wesson will be able to buy the land and facility for $1, according to the agreement, basically allowing the company to take ownership of the property for free at the end of the program, where they may continue operating.
In 2021, the company leaders said they decided to relocate to Tennessee because of the state's cost of living, business friendliness, and Tennessee's political second amendment support.
The company relocated from its previous headquarters in Springfield, Massachusetts to Blount County. Company leaders previously said they wanted to move because of East Tennessee's cost of living, business friendliness and state leaders' stances on guns.