Segal Lock and Hardware Company - History, Expansion of Corporation

History, Expansion of Corporation

In August 1926 the business purchased a square block on Ferris Street, Sullivan Street, and Walcott Street for use as a factory and foundry to make Segal locks. Segal owned two large factory buildings, a foundry, and a machine shop on this property with the addition of this real estate. The combined floor area was 160,000 square feet (15,000 m2). Segal planned to add three more large buildings at an approximate cost of $500,000. The property fronted the waterfront in the Red Hook, Brooklyn section of Brooklyn. The development enabled Segal to move two plants from Connecticut and its warehouses from Manhattan. Employment was to increase to 1,600 persons.

In November 1927 the Segal Lock and Hardware Company announced the sale of 5,000 shares of common stock and 5,000 shares of preferred stock. The stock was placed privately with no public offering made.

The company acquired a controlling interest in the Norwalk Lock Company and the Universal Razor Blade Corporation in 1929. Stockholders approved an increase in the authorized stock of the company to 400,000 shares, of which 300,000 shares were outstanding.

The corporation introduced a single unit safety razor in late 1930, a low priced product designed to use only Segal double-edged blades. The following year Segal placed on the market the Unimatic Segal Razor, a one-piece razor which accepted a double-edged blade. The firm entered a contracted with United Cigar Stores in June 1931. The agreement was for a long term of years and stated that the cigar interest would feature and distribute Segal razors and blades.

In October 1933 the Segal Lock and Hardware Company was awarded a contract to provide the finishing hardware for 1,595 apartments in the Knickerbocker Village. This was a model housing development in the Lower East Side. It was made possible by a loan of $8,075,000 from the Reconstruction Finance Corporation.

The company sold its Stamford, Connecticut factory buildings to Macklett Laboratories, manufacturer of X-ray tubes, in March 1934.

Segal announced plans to introduce a new type of single-edged razor blade and a new aluminum window in mid-1946.

Strauss Fasteners Inc., was acquired by the Segal Lock and Hardware Company in February 1947.