| William Prym | |
| Type: | GmbH |
| Location: | Zweifaller Straße 130 Stolberg Germany |
| Area Served: | Worldwide |
| Industry: | Metalworking Industry, Production |
| Revenue: | €396 million[1] |
| Revenue Year: | 2021 |
| Num Employees: | 3421 |
| Num Employees Year: | 2021 |
| Products: | haberdashery, textile closing systems, material and surface technology, high technology mechatronics |
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. It is one of the oldest operating companies in the World. In 1642, the company moved from Aachen, Germany, to Stolberg (Rhineland), Germany. The headquarters have been located there ever since.
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.
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]
Following World War II, 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]