Waterford Precision Cycles is alive and doing quite well, a great success in its own right.
That success is owed in part to early pioneering efforts with oversize tubesets such as 753 and 853 as well as its unique relationship with Reynolds.
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After the bike-boom of the early 1970's, Paramount was in a poor state of affairs in regards to competition and advancing technologies. Marc Muller, a young new Schwinn engineer, was given the responsibility to head up the project.
For example, most "middleweight" Schwinns take 26 x 1 3/4 tires, which are hard to find, not 26 x 1.75 as used on other brands. It was an unqualified success, other than that it was very expensive to produce and showed little if any real profit potential.
You might think that these are the same, but they are interchangeable with any normal tire of similar width, although its bead circumference is the same as the "650C" size used on some high performance 26" wheel bicycles. There are similar problems with other Schwinn tire sizes. 597 mm) interchanges with the British 26 x 1 1/4, not the British 26 x 1 3/8 (I. Sponsorship of 6-day riders produced a team to showcase the Paramount, the riders such as Jerry Rodman (The Michael Jordan of that time in Chicago) and the rest of the Schwinn Co. In time, the Paramount came in a variety of models but remained expensive to produce and purchase.
Schwinn was sold in 1993 to the Scott Sports Group, which retained the Paramount name/trademark but sold off the Waterford factory.
It was purchased and is now run by Marc Muller, Richard Schwinn (the great grandson of Ignaz Schwinn) and George Garner.