Shareholders at Springfield-based Smith & Wesson voted Tuesday to change the company’s iconic name to American Outdoor Brands Corporation. The change will take effect on January 1st.

Earlier this month, CEO James Debney told investors that the firearm division will retain the Smith & Wesson name. He said the new name is simply meant to include their outdoor products, where there’s more room for expansion, as opposed to their firearms.

“We already have significant market share when it comes to handguns and modern sporting rifles in particular,” said Debney.

Debney said the name change is part of the company’s strategy to diversify its products. Smith and Wesson’s stock price spiked after high-profile mass shootings as fear of stricter gun control led to more gun sales.

The company’s stock has actually dropped about 25 percent since Donald Trump’s victory on November 8th. The president-elect has advocated for looser gun control laws.