Hyde Group announces reorganization
The Hyde Group Inc., which owns Hyde Tools Inc. of Southbridge, Mass., announced that it is reorganizing into two separate family-owned businesses.
The Hyde Group consists of Hyde Tools Inc., and A. Richard Tools of Canada, both leaders in hand tools for paint and drywall.
A new company, the Affinity Group Inc., will be owned by the Hardy family, which includes Dexter-Russell Inc., a Southbridge company that is the country's largest manufacturer of professional cutlery, and American Promotional Products of Charleston, S.C., a provider of advertising and promotional products for the businesses of paint, home improvement and specialty advertising.
There was no sale and the changes only affect shareholders of its private businesses, spokeswoman Karen Wilson told the Worcester Telegram.
"There are already 16 individuals within the two families, the Clemence and Hardy families," Ms. Wilson said. "It just appeared to both of the families that it was time to split the shares of the Hyde Group so that each family could concentrate on their own business interests."
The reorganization will allow better concentration in the markets the companies serve and better align business interests with respective family business management, the group said.
The Hyde Group acquired A. Richard Tools in 2003. It has more than 85 percent of the market share in Canada and is in the same kind of business Hyde is in. Hyde has 47 percent of the market share in the U.S. A. Richard Tools is growing, and has just introduced a 900-item line of applicator tools in the North American market, Ms. Wilson said.
The Hyde Group will focus on industrial, commercial and home construction, and the home improvement market. The Affinity Group will focus on professional cutlery and advertising and promotional specialties. Richard M. Clemence remains chief executive officer of Hyde Tools. Francois Panfili remains CEO of A. Richard Tools.
Isaac Hyde founded the company in 1875, and in 1893 Myron B. Clemence went to work with him and bought him out in 1895. In 1958, Dexter-Russell was purchased into the group. In subsequent years the Clemence family was integrated into the tool side of the business, and the Hardy family was integrated into the Dexter-Russell American paint paddle business.
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