TTPP has been a long-standing supplier of polymer frames and related components for a large number of Smith & Wesson firearms, including nearly all of its popular M&P models. Approximately two-thirds of TTPP's recent revenues have been generated by sales to Smith & Wesson. TTPP also serves the medical, general industrial, aerospace, communications, automotive, and defense industries.
"We are pleased about today's announcement, which supports our strategic focus on our M&P firearm business and is highly beneficial to our company in several ways," said James Debney, President and Chief Executive Officer of Smith & Wesson. "Polymer injection molding represents a significant element of our production process. Acquiring this capability allows us to vertically integrate a key component of our manufacturing operations with increased flexibility, and is expected to thereby lower our production costs and reduce risk within our supply chain."
Debney also noted in the press release that the company sees the acquired technology playing an important role in enhancing its product development process.
The agreement provides for Deep River Plastics to acquire substantially all of the net assets of TTPP for approximately $23 million in cash. The company's 95,000-sq-ft facility incorporates 45 injection molding machines and complete tool-building capabilities.
Smith & Wesson has said that it intends to complete the purchase with cash on hand.