When settling his limited partnership company, he set up the following financial arrangement:

Etienne Forbin’s contribution = FFr 300.000, including a commercial contract with Georges Mord (an ebonite supplier located in Arbois, Jura area) valued at FFr 100.000 (without chattels)
Panici brothers’ contribution = FFr 80.000 (2 x 40.000)
Total = FFr 380.000

The ebonite was sent from Jura in the form of cylindric bars.

In 1932, at Etienne Forbin’s death, the SNC Panici Frères was created, and its head office moved to 31, rue des Cordelières, Paris. This place was not only used as offices, but also for pen manufacture.
Pierre Panici was in charge of the production site. He died in 1940 and was replaced by a Technical Director.

The manufacture was a large three-storey building made up of 4 distinct parts:
A – Cutting off:
The ebonite bars were machined on turret lathes in order to achieve a pen’s form.
B – Pipes workshop:
Where the pens’ feeding pipes were manufactured.
C – Nibs workshop:
A supernatural atmosphere prevailed in this place: the room was fully enclosed and pressurized and all staff had to wear white clothes! The gold was supplied in the form of tapes and was then stamped, bent and polished up. At the end of the chain, the iridium ball points were sealed.
All milligrams of gold that fell off during the nib’s incision were scrupulously retrieved.
The Panici brothers were closely monitoring the gold rates to buy and stock at the most favourable times.
To obtain the best quality, Pierre only wanted to use golden nibs, while Etienne was in favour of steel nibs, to be able to offer a less expensive selling price and thus to allow the penetration of low cost retail chains.
D– Assemblage and testing workshop:
This work was mainly entrusted to women (much more meticulous than men). Every single pen was individually and manually tested! As in today’s quality departments, the discarded parts were analysed and Pierre was paying a lot of attention to his staff’s feedback (for instance, what could be done to “smooth” the nibs so that they would not scratch the paper).

In 1934, the Bayard trademark replaces the name Panici Frères & Co.

In 1939, the factory is requisitioned by the French troops but it continues producing pens as well as manufacturing various parts for military purpose.

The saga of the knight and pens company ended up in the 1970’s (05/11/1973) with the expansion of ballpoint pens.

20's 
Panici’s pen models made of black ebonite, with dropper filling, with or without a body engraving.

1927 
Introduction of a new model equipped with a lever filling and a golden nib.
Excelsior 405 = model equipped with a retractable nib
Oblong shapes.

30's 
Creation of a new pen’s line with marbled golden/green colours.
Round shapes and 3 main ranges:
1-Special 8: bottom-of-the-range, alloy nib
2-Luxe, Super Luxe: golden nib
3-Super Luxe Large Capacity
Tie-shape clips for the models Special 8 and Luxe
Shovel-shape clips for the models Super Luxe and Large Capacity

1934 
Bayard name is engraved on the pens body.

1935
The 2 golden strips on the caps of the Super Luxe models were changed for a unique strip, of a wider size. All models had the same tie-shape clip.

1937
Launch of the latest model in Luxe range = the Special Luxe
Some fantastic marbled colours. The top of the range!

1939
Launch of a new model, with a visible ink level.

40's
The cap’s clips are fitted with 2 chevrons and 3 strips.

1940 
Launch of the Superstyl model.
Since the use of gold was forbidden during the war years, the company used alloy nibs.
However, Bayard always kept its very high level of quality and innovation (use of interchangeable nibs).

50's
The first metal caps appear.
Launch of the Excelsior 574 model with piston.
Launch of the Fit model with accordion-shape ink tank.
Launch of the Souverain de Luxe model.

60's 
Launch of the Karting model with ink cartridges.