Richard Schwinn managed the Greenville, MS, plant for several years until it closed in the early nineties.

Edward Schwinn, Jr., Richard's older brother, shut down Paramount production at the Chicago plant in 1979 because the Paramounts then being produced were not using the latest technology. Ed Jr. picked Marc Muller to build and staff a new design and production facility in Waterford, Wisconsin. Marc and the Paramount Design Group began building the Paramounts in Waterford using Henry James investment cast lugs and offering a choice of tubing in late 1980 or early 1981.

When Schwinn declared bankruptcy in late 1992 and the company was purchased from the bankruptcy court in early 1993 by Zell-Chillmark Fund and Scott Sports Group, the new owners wanted the Paramount name, but not the Waterford PDG facility. Marc Muller and Richard Schwinn partnered to purchase the Waterford facility from the bankruptcy court, named their company Waterford Precision Cycles, and continued to build Paramounts for the new Schwinn owners under contract until late 1994, when the new owners put the Paramount "to sleep" until 1998 when Schwinn contracted with Match Cycles to build lugged Reynolds 853 steel Paramounts, and with Ben Serotta to build Ti Paramounts.

Richard Schwinn and Marc Muller are still owners/partners in Waterford Precision Cycles today, and just built the 70th anniversary lugged Reynolds 953 steel Paramounts for Schwinn.