Hickory
Hickory Industries, Inc.
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Background
Although Hickory Industries produces and sells a variety of shoe care products, shoelaces make up the core of its business. The company makes a number of narrow fabric products including shoe and boot laces, cords, trim for apparel and novelty items. Hickory Industries, Inc., is a 67 year old textile manufacturing firm located in Hickory, North Carolina, that braids and weaves narrow fabrics. These fabrics are braided or woven on machines in the 77,500 square factory located next to the airport in Hickory. The company markets its own products in the drug store, supermarket, discount and sporting goods markets. Hickory Industries started in 1923 as the Old Hickory Shoelace Company. The factory was located across from Westmont School on Main Avenue Drive, NW in the Longview Township of Hickory. Leroy Campbell purchased complete ownership of the company in 1947 and moved it to a building on Old Lenoir Road adjacent to the original location of Ellis Mills Hosiery Company. In that year the company generated annual sales of $48,000 with ten employees and 60 braiding machines. By 1964 Campbell had increased annual sales over fifteen fold to $750,000. In 1964 he sold the company to Fendrich Industries, Inc., a former cigar manufacturer that had evolved into a holding company for three separate companies. The new owners asked Campbell to continue to manage the company, so he continued as CEO until he hired Jim Petree in 1967. In 1968 Petree was promoted to president, and he began an ambitious program to expand the distribution channel to include supermarkets as well as the traditional candy and tobacco jobbers in 1970. He also moved the company into its present facility, a 59,500 square foot air-conditioned, energy-efficient factory. In 1971, the company expanded its product line to include elastic products by purchasing the assets and the trademark "Betsy Ross" from I. Miller & Co., an
"
Background
Although Hickory Industries produces and sells a variety of shoe care products, shoelaces make up the core of its business. The company makes a number of narrow fabric products including shoe and boot laces, cords, trim for apparel and novelty items. Hickory Industries, Inc., is a 67 year old textile manufacturing firm located in Hickory, North Carolina, that braids and weaves narrow fabrics. These fabrics are braided or woven on machines in the 77,500 square factory located next to the airport in Hickory. The company markets its own products in the drug store, supermarket, discount and sporting goods markets. Hickory Industries started in 1923 as the Old Hickory Shoelace Company. The factory was located across from Westmont School on Main Avenue Drive, NW in the Longview Township of Hickory. Leroy Campbell purchased complete ownership of the company in 1947 and moved it to a building on Old Lenoir Road adjacent to the original location of Ellis Mills Hosiery Company. In that year the company generated annual sales of $48,000 with ten employees and 60 braiding machines. By 1964 Campbell had increased annual sales over fifteen fold to $750,000. In 1964 he sold the company to Fendrich Industries, Inc., a former cigar manufacturer that had evolved into a holding company for three separate companies. The new owners asked Campbell to continue to manage the company, so he continued as CEO until he hired Jim Petree in 1967. In 1968 Petree was promoted to president, and he began an ambitious program to expand the distribution channel to include supermarkets as well as the traditional candy and tobacco jobbers in 1970. He also moved the company into its present facility, a 59,500 square foot air-conditioned, energy-efficient factory. In 1971, the company expanded its product line to include elastic products by purchasing the assets and the trademark "Betsy Ross" from I. Miller & Co., an