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Smith & Wesson (SWHC) Stock Gains on Crimson Trace Acquisition

NEW YORK (TheStreet) -- Shares of Smith & Wesson (SWHC) are advancing by 0.61% to $29.55 Monday morning, after the company announced it will purchase the laser sighting system manufacturer Crimson Trace Corp. for $95 million using cash on hand.

The Springfield, MA-based gun manufacturer said Crimson Trace has served as a "key supplier" of laser sight and tactical light products for Smith & Wesson. Crimson Tide will be the "ideal platform" for its Electro-Optics Division, the company said in a statement.

The acquisition is slated to close in three to six weeks, Smith & Wesson noted. After the closing date...