Smith & Wesson NRA and NSSF over the issue of smart guns, thousands of retailers and tens of thousands of firearms consumers boycotted Smith & Wesson. CEO Ed Shultz, who negotiated the deal, was forced out in September of that year. By December 2000, the company's stock price was 19 cents per share. Smith & Wesson dropped its smart gun plans after nearly being driven out of business. 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
Smith & Wesson M76 to the reorientation of the extractor and the Stemple receiver tubes have an inside diameter that is slightly larger than that of an original S&W M76, requiring two sleeves that act as bearing surfaces to be placed on the bolt to take up the extra space inside the receiver. During 2001 the Tactical Weapons Company of Arizona was engaged to manufacture the parts and receivers for a weapon that would be marketed as the Omega 760 carbine, a semiautomatic-only copy of the Smith & Wesson Model 76. Initial sales of the Omega 760 were brisk but quickly dropped off. The