Issue link: https://nebusinessmedia.uberflip.com/i/1515234
50 Dexter-Russell DIVERSIFICATION In addition to purchasing T. Harrington's company in 1926 and Russell-Harrington in 1968, Hyde, which became known as the Hyde Group, also bought several other companies in the ensuing years. With an eye toward the retail market, Hyde purchased Washington Forge Cutlery Company in New Jersey in 1986, which sold tableware and knives. However, Hyde soon discovered that the retail business differed significantly from the commercial market. One month after the purchase, Hardy was on site when a truck backed up to the shipping and receiving area and began unloading box after box of returns from several large department stores. ese products had not sold during the recent holiday season and were being returned to the manufacturer, representing a revenue loss. e company had also hoped to make a profit on imported tableware; however, the exchange rate for foreign currency made this goal fiscally challenging. When Russell-Harrington decided to divest itself of the company, Hardy named William Pioppi interim president for one year and asked him to work with a Chicago bank to sell Washington Forge. Once the sale was completed, Pioppi returned to Southbridge and became vice president of marketing administration. In time, Hyde bought other companies, including the Steven Richard Co., the Boston Grinding Co., and the A. Richard Company of Canada. Coincidentally, the founders of the A. Richard Company, French Canadian brothers Alfred and Jean-Baptiste, had worked at Hyde Company in 1895. After learning the trade, they returned to Quebec and launched their own knife and tool company. In 1998, Hyde purchased American Paint Paddle Company in Charleston, South Carolina. Hardy's son, omas, was charged with running the business, which offered paint-related products. In time, omas expanded the company's portfolio to include promotional items, such as embroidered clothing for large corporations, and changed the company name to American Promotional Products. A NEW CHAPTER Neal spent 22 years with Russell-Harrington, retiring in 1996 when Pioppi became president; he served until 2001. As president, Pioppi continued the work begun by Hardy and Neal. He hired an active and engaged sales manager, James Mullen. Pioppi made good use of growing revenue and invested in machinery for grinding and in the latest computer-assisted technology. But the changes implemented by Neal and Hardy provided the impetus that would continue in the ensuing years. eir efforts and accomplishments were honored on the Russell-Harrington "Wall of Fame," where their names were the first to be inscribed. Richard B. Hardy and William Pioppi