The U.S. Army told Smith & Wesson its proposal to replace the Beretta M9 standard sidearm was not chosen “to advance to the next phase of the competition,” the firearms maker disclosed in an SEC filing.
Smith & Wesson partnered with defense contractor General Dynamics for the competition. It made the proposal after the Army issued a request last year for proposals to replace the M9 9-millimeter pistol.
The program for the Army’s sidearm replacement, cost estimates for which range from $350 million to more than $1 billion, has “never been included in our financial guidance,” Smith & Wesson said in the disclosure Friday.
“We are assessing our options in response to the notification and remain focused on achieving our long-term strategy of organically and inorganically expanding our product offerings in the consumer market for shooting, hunting, and rugged outdoor enthusiasts,” the filing concluded.
