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 Model 3 Wesson–made revolvers (which Smith & Wesson had already produced), and delaying (or refusing) payment for the handguns that had already been delivered. The U.S. Army adopted the .44 S&W American caliber Smith & Wesson Model 3 revolver in 1870, making the Model 3 revolver the first standard-issue cartridge-firing revolver in US service. Most military pistols until that point were black powder cap and ball revolvers, which were (by comparison) slow, complicated, and susceptible to the effects of wet weather. In 1875, the US Ordnance Board granted Smith & Wesson a contract to outfit the military with Model 3 revolvers incorporating