NSSF Applauds U.S. House of Representatives Introduction of Freedom Financing Act
Legislation Protects Firearms Industry from Corporate Discrimination
The National Shooting Sports Foundation (NSSF), the firearms industry trade association, applauded the introduction of H.R. 2079, the Freedom Financing Act in the U.S. House of Representatives by Congressman Roger Williams (R-Texas). The legislation would ensure large financial institutions cannot deny service to certain constitutionally-protected industries that are fully compliant with all laws and statutes.
“Americans must be reassured their tax dollars aren’t weaponized by corporate institutions attempting to eliminate a lawful industry that has become politically-disfavored by boardroom bureaucrats,” said Lawrence G. Keane, Senior Vice President and General Counsel for the National Shooting Sports Foundation. “Congressman Williams’s leadership is crucial to ensure banks which have enjoyed bailouts and insurance programs funded by taxpayers aren’t allowed to benefit from these protections while purposefully discriminating against the industry that provides the means for Second Amendment rights. These policies are debated and created by the elected officials Americans vote to represent their interests, not by faceless corporate boards representing the interest of the few. We applaud Congressman Williams for his clear vision in correcting this abuse of American trust and taxpayer dollars.”
The Freedom Financing Act focuses on the most egregious examples of legal commerce being banned through corporate policy that target firearms manufacturers, distributors, importers and retailers. Because the intent is not to force financial institutions to do business with certain industries – but rather to ensure that legal commerce is not prohibited – this legislation exempts financial institutions with less than $10 billion in assets.
The firearms industry has opposed moves by Bank of America, Citigroup and JPMorgan Chase when they published policies to deny financial services to AR-15 manufacturers and retailers to adopt restrictive sales policies, products that are legal under federal law for ownership and commonly-owned, with more than 16 million modern sporting rifles in private ownership today. Public policy is the responsibility of elected leaders and not dictated by a select few of unaccountable corporate boardroom bureaucrats. Policies to discriminate a lawful industry are a threat to American’s ability to choose the firearms that best meet their needs for self-defense, hunting and recreational target shooting.
NSSF: Firearms Industry Economic Impact Rises 169% Since 2008
The total economic impact of the firearms and ammunition industry in the United States increased from $19.1 billion in 2008 to $51.4 billion in 2017, a 169 percent increase, while the total number of full-time equivalent jobs rose from approximately 166,000 to almost 310,000, an 87 percent increase in that period, according to a report released today by the National Shooting Sports Foundation, the industry’s trade association.
On a year-over-year basis, the industry’s economic impact rose from $51.3 billion in 2016 to $51.4 in 2017, ticking higher even while the industry came off-peak production years. Total jobs increased from approximately 301,000 to almost 311,000, a 3 percent increase in the same period.
“Our industry is proud to be one of the truly bright spots in our economy as an unprecedented number of Americans have chosen to exercise their fundamental right to keep and bear arms and to safely enjoy the shooting sports,” said Stephen L. Sanetti, NSSF President and CEO. “In response to that dynamic, we have increased our direct workforce by more than 7,000 in the past year alone, adding jobs that pay an average nearly $50,000 in wages and benefits. In addition, since 2008 we increased federal tax payments by 144 percent, Pittman-Robertson excise taxes that support wildlife conservation by 104 percent and state business taxes by 121 percent.”
The Firearms and Ammunition Industry Economic Impact Report: 2018 provides a state-by-state breakdown of job numbers, wages and output covering direct, supplier and induced employment, as well as federal excise taxes paid. Access the full report here.
Smith & Wesson’s Battenfeld Technologies to Acquire UST Brands
Acquisition Will Add Survival and Camping Brands to Accessories Platform – Closing Expected November 2016
Smith & Wesson Holding Corporation, a leading manufacturer of firearms and provider of quality accessory products for the shooting, hunting, and rugged outdoor enthusiast, today announced that its Outdoor Products & Accessories segment, through a subsidiary of Battenfeld Technologies, Inc., will acquire the business of Ultimate Survival Technologies, Inc. (“UST Brands”), a provider of high quality survival and camping equipment, in an asset acquisition for $32.3 million in cash. In addition, up to $2.0 million will be due over a period of two years following the closing, contingent upon the financial performance of the acquired business.
UST Brands is a recognized provider of some of the finest survival and camping equipment on the market. The UST Brands line of personal safety and survival tools includes LED lights, patented all-weather fire starters, unbreakable signal mirrors, premium outdoor cutting tools, first aid kits, signal whistles, survival kits, camp kitchen products, and more. UST Brands’ products are sold through a variety of outdoor, sporting goods, and large retailers, as well as through online merchandisers. Based in Jacksonville, Florida, UST Brands operates from a 100,625 square foot facility.
James Debney, President and Chief Executive Officer of Smith & Wesson, said, “We are very excited to announce the acquisition of UST Brands. With its complete offering of survival gear, UST Brands is our first acquisition that is entirely focused on the outdoor market, which is a key part of our vision to become the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast. By expanding its product portfolio and retail presence, UST Brands delivered impressive compound annual revenue growth of 49% from 2012 through 2015. We believe that UST Brands’ broad distribution network, which includes strategic retailers, online retailers, and distributors, will create incremental opportunities for our existing accessories products. Moreover, we believe that the UST Brands product portfolio will benefit synergistically from the product innovation, distribution network, and efficient sourcing model that have contributed to the success of our Accessories Division under the leadership of its President, Jim Gianladis.” Continue reading
Harbor Freight “Clarifies” Position on Firearms in Stores
Tool Retailer Says They Will Defer to Local Laws
Harbor Freight, purveyor of cheap, foreign, disposable tools, caused a bit of a stir recently over their policy on legally carrying firearms into their stores. In defending the policy, the company wrote on facebook, “[…] this policy is intended to provide an environment where all our customers feel comfortable […] all firearms should be left in your car while shopping at Harbor Freight.“
Shortly thereafter, and following much outcry from firearm carry advocates, the company issued a “clarification” of their position. And, apparently, “clarification” means “reversal.” The company posted: Continue reading
LaserMax Named To 2014 Inc. 500 List Of Fastest Growing Private Companies
Three Year Sales Growth of 207 Percent
Ranks No. 44 in Manufacturing and No. 3 in New York
LaserMax, leading producer of premium weapons-related laser systems for personal protection, law enforcement and the military markets, today announced it has been named to the prestigious 2014 Inc. 500|5000 list of fastest-growing private companies in America. This is the second time LaserMax has made the list, which has become the hallmark of entrepreneurial success recognizing innovation, leadership and revenue growth.
Ranked 1,964 nationally, Rochester, NY-based LaserMax reported a three year revenue growth of 207 percent from 2010 to 2013. Such considerable growth finds LaserMax ranking 44 in the nation in manufacturing and number 3 in New York State.
“LaserMax is excited and honored to have been recognized for the dynamic growth we have achieved,” said Susan Houde-Walter, PhD., CEO of LaserMax, a Certified Women-Owned Small Business. “We will continue to provide relevant and effective solutions that offer the ‘good guys’ the upper hand,” she added. Continue reading
How to List Your Firearms Related Business in the GunLink Directory
The GunLink Business Directory is a great resource for owners of businesses in firearms, gear, training and related industries. There are a large number of firearms-friendly websites across the web, but there are also a growing number of websites and advertising outlets that do not allow the participation of firearms related businesses. Because of this trend, business owners in this industry need all the help they can get.
To get those businesses’ information out to people as well as improving their search engine results, we try to make listing in the GunLink directory as easy as possible. This guide should help make it even easier to get started today. Continue reading
