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The owners of Smith & Wesson, makers of the .44-caliber Magnum made famous by Dirty Harry, announced the sale of the company along with its $53 million in liabilities. The British owner, Tompkins PLC paid $112.5 million for the privately owned Smith & Wesson in ’87. Saf-T-Hammer of Scottsdale, AZ, purchased the company on May 14 from Tompkins for $15 million.

As part of the agreement, Saf-T-Hammer will assume liability for several gun death lawsuits filed against Smith & Wesson.

Last year, Smith & Wesson struck a deal with the Clinton administration to install safety locks on all of its handguns. This agreement was made to mitigate Smith & Wesson’s liability exposure to claims filed by 32 cities and other governments. As a result of the Clinton deal, sales dropped by approximately 50%, prompting the company to lay off 125 employees in October.

Saf-T-Hammer manufactures trigger locks, cables and lock boxes. Founded in 1991, it currently has just five employees. Mitchell Saltz, Saf-T-Hammer founder and CEO said that Smith & Wesson’s headquarters would remain in Springfield, MA, where approximately 600 people are employed.

A private investor, whose identity will be made known when paperwork is filed with the Security and Exchange Commission in the next couple of weeks, is financing the deal. Smith & Wesson’s total assets are approximately $97 million.

Horace Smith and Daniel B. Wesson founded Smith & Wesson in 1852, which until last summer was the nation’s largest handgun maker.