Prym

Last updated
William Prym
Company type GmbH
Industry Metalworking Industry, Production
Founded1530;494 years ago (1530)
HeadquartersZweifaller Straße 130
Stolberg
Germany
Area served
Worldwide
Key people
Products haberdashery, textile closing systems, material and surface technology, high technology mechatronics [1]
Revenue 396 million [1]  (2021)
Number of employees
3421 [1]  (2021)
Website www.prym-group.com

Prym is an internationally active group of companies. It consists of four independent divisions that operate under the umbrella of a holding company: [2] Prym Consumer, Prym Fashion, Prym Intimates and Inovan. The roots of the company go back to the 16th century. In 1642, the company moved from Aachen, Germany, to Stolberg (Rhineland), Germany. The headquarters have been located there ever since.

Contents

History

The oldest known ancestor is Johann Prym (c.1340-c.1420), whose name is documented in a medieval register in Aachen. In the middle of the 16th century, Wilhelm Prym, a goldsmith, is mentioned as an administrator of an Aachen citizen. He is considered the founder of the family tradition in metal manufacturing and trade. [3]

At the beginning of the 17th century, Protestants' loss of guild rights in catholic Aachen which caused brass manufacturer Christian Prym (1614–83) and his family to move to nearby Stolberg. In 1642 he settled down at Dollartshammer, the head office of the family company which is at the same location to this day.

Prym Stolberg/Germany Stolberg Prym 2.jpg
Prym Stolberg/Germany

In the 19th century the Pryms produced the first finished products made not only of brass, but also of steel and iron in addition to the rolled material and wires made of the traditional copper alloys. Under the management of William Prym (1811–83) the company entered a new era of success. His son Heinrich August (1843–1927) did his apprenticeship in Birmingham and used the knowledge acquired there to introduce mechanical manufacturing of metal haberdashery in Germany.

Hans Friedrich (1875–1965), son of Heinrich August, expanded the Austrian production and sales branches he had been leading since 1908, to a dominating position in the Austrian monarchy and the crown lands. In 1903, he improved to the press fastener, already invented in 1885, by inventing a double S-spring. The press fastener was later marketed under the brand names "Prym" and "Prym’s Zukunft". [4]

Prym snap fasteners Prym Druckknopf Karte 1.jpg
Prym snap fasteners

Following World War Two, the considerable possessions of the family and the company in Berlin, Eastern Germany, Poland and Belgium were lost. In 1960, after prolonged negotiations, Hans Prym was successful in buying back all Austrian properties and rights. He and his wife Olga (1884–1975) had six sons.

In 1986 Prym became a shareholder of Inovan, and in 1994 the shares were increased to 100 percent. [5]

In 1988, Prym acquired Schaeffer-Scovill, a German manufacturer of snap fasteners, closures and other garment accessories, and the American company Dritz, a manufacturer of sewing accessories. [6] [7]

In 1992, Prym acquired the Italian button manufacturer Fiocchi. [8]

In 2001 the company segment “Prymetall” (a manufacturer of semi-finished products of copper and copper alloys) was sold to Norddeutsche Affinerie (today: Aurubis). [9]

In 2007, Prym was fined €40M by the European Commission for its part in operating a price fixing cartel, along with YKK and Coats plc. Prym's fine was much less than the other companies' as it alerted the Commission about the wrongdoing. [10] Today, the company is structured into four independent divisions: Prym Consumer, Prym Fashion, Inovan and Prym Intimates. The company is still majority-owned by the Prym family. [11]

See also

Sources

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References

  1. 1 2 3 "Daten und Fakten (2018)". prym.com. Retrieved 13 March 2018.
  2. "Unternehmensregister".
  3. "Prym. Geschichte und Genealogie. von Willems, Franz: (1968) 1. | Antiquariat Immanuel, Einzelhandel". www.zvab.com. Retrieved 2024-01-22.
  4. Stolberg, Victor B. (2019). What You Need to Know about ADHD. doi:10.5040/9798216034704. ISBN   979-8-216-03470-4. S2CID   263665782.
  5. "Historie - Inovan – Von Anfang an zu Ende gedacht". www.inovan.de (in German). Retrieved 2024-01-22.
  6. "Historie Unternehmensgeschichte - Schaeffertec GmbH - federnde Befestigungssysteme". www.loxx-produkte.de. Retrieved 2024-01-22.
  7. Pollard, Garland (2009-08-29). "History of Dritz, a Great Sewing Brand". BrandlandUSA. Retrieved 2024-01-22.
  8. "Giulio Fiocchi spa (1876 -) – Archivi storici – Lombardia Beni Culturali". www.lombardiabeniculturali.it. Retrieved 2024-01-22.
  9. "Affinerie gewinnt Poker um Prymetall-Werke - WELT". DIE WELT (in German). 2011-11-16. Retrieved 2024-01-22.
  10. "EU fines zip-makers over 328 mln euros for cartel". Reuters.com. September 19, 2007.
  11. "Handelsblatt". www.handelsblatt.com. Retrieved 2024-01-22.

Further reading