Who makes the S&W M&P 22 pistol

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Saw one in a store today. It was marked made in Germany. Is this pistol made by Walther or Umarex? I know Umarex owns Walther. But every Umarex gun I've owned was an absolute piece of junk. The Walther made pistols, however, are excellent. So who made this one?
 
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The rollmark with the three crowns within the shield indicates Umarex. I think Walther's rollmark is a stag.

I've never had good luck with Umarex firearms either. I bought the S&W M&P 22 assuming it was a Walther. When cleaning it, I noticed the Umarex rollmark. At first, I was really upset about it.

My M&P 22 has fired 4 bricks of bulk ammo and 200 rounds of CCI Mini-Mag without issue, so I'm not that upset anymore. S&W claims that Walther manufacturers the M&P 22 to S&W's design & specification.

I guess that's the factor that makes this particular Umarex manufactured firearm different from the others, Umarex didn't design it.

I still hate Umarex with a passion.
 
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It also COULD BE that Walther manufatures the pistol and Umarex test fires them. They have been doing stuff like that in Germany for a while.

If there were a lot of problems with them I believe we would have heard about them by now. For me the biggest (only) gripe is only one mag with the gun and having to pay $35 each for mags. I have three now and I will make do with them.
 
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