COLUMBIA, Mo. (KMIZ)
American Outdoor Brands is amending its lease tied to a Boone County tax break as the company spins off into two separate firms.
American Outdoor Brands Corporation announced Nov. 13 that it would be splitting into two independent organizations. In the second half of this year, the company will split into Smith & Wesson Brands, Inc. and American Outdoor Brands, Inc.
American Outdoor Brands, Inc., will solely cover the outdoor products and accessories business portion of American Outdoor Brands Corporation. The independent, publicly traded company will be headquartered in Boone County, according to a company news release.
Current American Outdoor Brands CEO James Debney will oversee the new outdoor products company created from the spinoff.
The Boone County Commission read the amendment to the lease agreement with the company for the second time Tuesday. Northern District Boone County District Commissioner Janet Thompson said this will protect the county.
"What this document has done is to allow Smith and Wesson, American Outdoor Brands, to really segregate into two distinct parts, their business operations," Thompson said. "This makes sure that all of the responsibilities that are set up under the Chapter 100 process, that they contractually agreed to, those continue."
American Outdoor Brands and Boone County entered into an agreement in 2017 for tax break on its planned $55 million facility off Route Z.
The tax break, a Chapter 100 bond package, requires the company to meet certain performance requirements. This includes the number and type of jobs it creates in Boone County.
According to the annual compliance report filed in October, the company created 134 jobs with an average salary of $85,283 last year.
"That's the point of all of this," Thompson said. "It's to create jobs for Boone County and to make sure that ... these are really good jobs that families can not just survive but thrive."