PI, Topic - 3 Funny moments

What was the funniest thing that happened to you while you were at Torrington?

PI, Topic - 2 Best thing working for Torrington

What was the best thing about working for Torrington?

Personal Input(PI) Topic 1, Memories

What is your best memory of your time at Torrington?

DISCUSSION TOPIC(DC Topic) - 7. Year end stock values

. …………..…….IR…….Timken
As of
12/31/1998.…..$46.51.…$17.97
12/31/1999.……54.83.….20.19
12/29/2000.…..41.88.….15.12
12/31/2001.……41.81.….16.18
12/31/2002.……43.06.….19.10
Sell off Torrington to Timken
12/31/3003.……67.88.….20.06
12/31/2004.……80.30.….26.02
12/30/2005.……80.74.….32.02 IR stock split 2:1 9/2/05
12/29/2006.……78.26.….29.18
Avg. of 1st 7 end of the month values
...in 2007..……….94.48.….32.16

IR stock is up 119% after shedding Torrington whereas Timken stock is up just over 68% since then, 12/31/2002. IR stock value keeps rising.

I would like to be able to say the swing in stock prices was the effect of the Torrington transaction but of course I can’t. There are too many other factors that have come into play in these two organizations to draw such a conclusion.

But, can we conclude with a little more veracity that the acquisition of Torrington was beneficial to Timken and the price of its stock? Has anyone made a more in depth analysis of the financials over the years. Do you have any comments? Yes it seems to have been a benefit to Timken as well as a benefit to IR where the expectation for performance appears to be greater than at Timken.

Below is a summary of Sales and Operating Income for Timken which are made to include Torrington in the years prior to 2003.

- The Timken Company……………Including Torrington
………………………………........................pre 2003.......
.................Net Sales.......Oper. Inc…Net Sales.....Oper. Inc

…...1999.....$2,495.0.......$132.8..….$3,734.500...$278,500
..... 2000.....$2,643.0.......$105.6.....$3,804.000...$278,200
..... 2001.....$2,447.2........($17.7)..…$3,525.000..…$84.400
..... 2002.....$2,384,077....$85,657...$3,587.527...$170,807
..... 2003....$3,626,490...$101,875...$3,626,490...$101,875
..... 2004.....$4,287,197...$234,928....$4,287,197...$234,928
..... 2005.....$4,823,167...$326,960....$4,823,167...$326,960
..... 2006.....$4,973,365...$219,350....$4,973,365...$219,350

Torrington seems to be a plus for Timken. It seems to be a question of expectation where it would be more for IR than Timken,

DISCUSSION TOPIC - 6.FAFNIR, a benefit or a noose

In the early sixties, Torrington considered an acquisition of Fafnir. It fell apart because there was no benefit to Torrington. Bennett came along in 1985 and thought differently. Was it megalomania? It is hard to conceive how given a few more years after initial inquiry, the Fafnir operation would suddenly become attractive.

The question for those who have dealt with Fafnir is “Was there a benefit to Torrington of acquiring Fafnir?” We know their plant in Arkadelphia, Arkansas was subsequently shut down. There were labor problems at the HQ plant in New Britain, Connecticut, more at the Newington plant. These also were shut down. The plant in Wolverhampton, England was sold off to Timken. What did Fafnir bring to Torrington other than a noose?

It is hard to rationalize the Fafnir acquisition as a strategically sound move. If it was such a good acquisition why were its production assets soon decimated? Did we think we could resolve a labor union dominated company?

Going back again to Lieberthal, “ Progress Through Precision…” p. 140 “No single event would have greater impact on the changing complexion of The Torrington Company than the merger with the Fafnir Bearings Division of Textron in the fall of 1985.” Ask yourself, why would Textron want to sell? Does one sell off a good thing?

For that matter, in 1987, Torrington additionally acquired the commercial bearing assets of New Departure Hyatt, which was a division of General Motors. Again, would GM sell a good and profitable operation? Were we buying sick businesses with blinders so that given the exposure, in time, Torrington itself would acquire the malady?

Another question, was this the beginning of Torrington’s downfall? Tom Bennett felt the “sales and market position of Fafnir were 100% complementary with those of Torrington” and yet the resolution to move forward was to close down its manufacturing facilities.

The Fafnir brand was made to replace “Heavy” or “Bantam Bearings” and a new outside VP, Steve Martin, was put in charge. Was this an improvement over the Torrington people who had brought us thus far or, were we digging ourselves a grave full of heavy bearings that Timken would ultimately covet ?

In 2003, Timken initially approached IR with an interest solely in the Fafnir Division (previously known as “Heavy Bearings“) but then got interested in Needle Bearings. Must be Needle Bearings were a juicier plum.

It appears Timken now expects to run Needle Bearings the way they run Heavy Bearings, without the Engineering lab support so vital to automotive and multi application uses. Good luck, Timken.

Our perspective is retrospective, with one proviso, The Torrington Company no longer exists.
Now, that’s a mouthful. Fafnir, benefit or noose.

Norm M.

DISCUSSION TOPIC - 5. Bennett vs O'Connell

We see Ray O’Connell after his WWII years teaching at the Naval Academy at Annapolis, spending a lifetime at Torrington, being instrumental in the sell-out to IR and serving his last seven years as President, being summarily replaced by Tom Bennett in 1981. Bennett would end up heading Torrington for the next ten years (1981- 1991).

I need help here comparing or assessing the performance of each. I retired from Torrington in 1987 and to this day receive a small pension and health insurance coverage having been grand fathered under some old defined plans after serving there close to 25 years. I missed out on the last years of Bennett’s reign at Torrington and those of subsequent leaders. Therefore, your input is requested.

I do know, in contrast to O’Connell, Bennett had absolutely no knowledge of the bearings business when he started. His education was in marine engineering and background in the manufacture of heavy equipment, IR products, with long lead times, manufactured a few at a time. Torrington’s products, on the other hand, were small, of high volume, quite intricate and produced with very short lead times.

There is an axiom that says you don’t have to know anything about what you are managing as long as you are a good manager. If you believe that, then Torrington didn’t skip a beat taking Bennett on board. I personally feel Torrington lost a lot of knowledge and experience when it lost O’Connell.

To solve his problem, Bennett hired and relied on consultants, spending millions of dollars for their advice. What is the general feeling for the role of consultants in a corporate atmosphere ? Did we get our money’s worth? Did they turn us on to things that we wouldn’t have come across on our own? Were there long term benefits to Torrington of having Bennett and of having consultants?

Aren’t consultants simply management’s self righteous hedge to responsibility?

As we ponder these points, let us not forget that Torrington no longer exists as a separate entity. Something went wrong. Do you agree?

DISCUSSION TOPIC - 4. IR takes over Torrington

IR bought out Torrington as of December 31, 1968 but did not name its own choice for President, Tom Bennett, until 1981. That’s 13 years of Torrington running its own show.

Does anyone know if there had been an agreement in the sell out that Torrington would maintain its own management….. for example “as long as Torrington met IR’s performance criteria“? (See Bob Breckinridge’s recollections in Comments under Discussion Topic 1)

Torrington enjoyed a relatively independent status during those years. It expanded with the money and blessing of Ingersoll-Rand to perhaps the resentment of other IR holdings. Other than monthly financial reporting, we had only to satisfy a quarterly management review. It seemed as long as Torrington remained on or ahead of the profit schedule, there was no interference from WCL.

Was Ray O’Connell retired early? I.e. forced out? I was an employee at the time and what I witnessed was Ray being President one day and after a visit to Woodcliff Lake, was out the next. He was a graduate of MIT Class of 1941 so I would guess he was about 61 years old in 1981. That seems a little young for voluntary retirement.

Was there a conflict of personalities? Did Ray fail to provide IR what they were looking for from Torrington? If so, what was that?

Was it a desire to improve Torrington’s performance with a different man? Or was it just a time for change?

Norm Massicotte

DISCUSSION TOPIC - 3. Why did Torrington unload the Needle Division back in 1980?

I am sure it was at the urging of Ingersoll-Rand that Torrington would get out of the needle making business. Why? Because it was losing money. That’s the simple answer.

What is interesting is to delve into how Torrington got into that condition. Lieberthal in “Progress Through Precision…” points to some of the reasons:

p. 108 “Prior to 1960, a very high percentage of the industrial knitting machines used around the world were U.S. made. From the beginning, Torrington had made it a point to have most new machines shipped with Torrington needles tailored to the machine. But with the bulk of the world’s business was in their hands, the U.S. knitting machine manufacturers became complacent and neglected to listen to their customers. They failed to invest sufficiently to improve and speed up their machines and the world turned elsewhere. In Germany, Italy and Spain, many new knitting machine builders seized upon the opportunity to break in and gradually take over as suppliers.

It could be said that Torrington also failed to recognize the significance of this change….Neither the move of the knitting machine business from the U.S. to Europe, nor the need to work with these foreign builders received the proper attention.

By 1967, then, it became apparent that Torrington had missed the boat…..”

p.116 “By 1971 doubleknit - and flatstock needles - was the name of the game in the knitting industry,…...profits (for Torrington) were merely marginal due to high scrap losses, and regrettably, the company never became as proficient at flatstock needles as it was at fine-gauge hosiery needles.”……………..

We see a picture of falling behind. Is that the result of having a weak management on the needle side of the business? It seems from the 1920s with E.K. Brown onward, Torrington’s focus was on development of the bearings business. Did that mean there had to be a neglect of needles?

Were there questions of territorial responsibilities? Fortunately needle profits were there to fund the bearings venture. Unfortunately, the lag of engineering attention to the manufacture of needles would ultimately ease its demise.

One of the stories, I have heard, was that the Excelsior workforce was made up of many first generation immigrants from the Eastern European countries such as Poland, Hungary, Ukraine, Czechoslovakia, etc. These workers were innately intelligent and although they did not have the benefit of formal education, they were very capable needle makers. They had developed the procedures to manufacture very intricate needles. But, either as a means of job preservation or from lack of instruction, they kept the procedures to themselves without documentation. As these people retired, their knowledge and experience went with them.

Needle management started too late with too little to overcome the prowess of European competition.

Today, if you look up the website for Groz-Beckert you see an apparently successful needle manufacturer, surviving even with Chinese and Japanese competition..

At the time Torrington was selling its needle division, 1980, it was prevented from selling the knitting needle portion of the business to G-B by the Federal Trade Commission because that would have given G-B a monopoly, 90% of the world market for knitting needles.

G-B did purchase the Sewing Machine, Felting and Hook needle lines from Torrington and these businesses seem to have survived. If they survived, why couldn’t Torrington needles? It certainly wasn’t due to wage rates where the German worker enjoyed a high rate of pay and maybe even better fringe benefits than the U.S. worker.

Can anyone outline some other reasons why Groz-Beckert survived and Torrington did not ?

As far as what was left, Exeltor in Bedford, P.Q. Canada with Guy Champagne at the helm, picked up the knitting business through a private buyout.. Don’t know much about Exeltor but they also, seem to have survived handsomely, at least from the looks of their website.

We conclude, there are companies today making needles profitably and they seem to be doing it successfully. Why could not Torrington have done the same?

In a big corporate atmosphere, does one lose the will to compete and to survive? It does appear needle making was starved to feed bearing making.

Would needles have survived had we been satisfied with less on the bottom line? Or maybe if its future instead of being driven by the performance demand of the stock market had been driven by private interest?

Any thoughts?

Norm Massicotte

DISCUSSION TOPIC - 2. Was there nepotism / cronyism going on at the time of take over by IR?

We know that E.B. Thompson and Bob Reid were the sons or relatives of prior Torrington Presidents, respectively Walter C. Thompson (1953-1959) and William R. Reid (1926-1946). Was E.B. a son or nephew?

When I joined the Company in the early sixties, E.B. sat in the front office, I believe as an Executive Vice President. I don’t know what his responsibilities or abilities were other than occupying the front office.

On the other hand, Bob Reid came up through the ranks, mainly in the Needle Division. Again, was he a good and astute business manager?

Could others comment who worked under him?

Bob Reid was part and parcel of the group that sold out to IR and ended up on the Board of Directors of Ingersoll-Rand, pretty good personal survival.

Seeing the demise of the Needle Division, it makes one wonder if he was a capable business man. Of course the faltering of needles did not begin with his tenure but could he have done something to reverse the direction?

We know he brought Ora Bailey along, a former cost accountant, shrewd with all the qualities of his Irish ancestry, who unfortunately passed away prematurely in office. Needles were up against world wide competition and as history shows, the Needle Division did not survive. Were we up to it, management wise?

Another player, although on a substantially more limited scale, was Walter St. Onge. His dad had been instrumental in rescuing the Company from its ventures with vacuum cleaners.

Were there any other, relatives, favorite sons, or cronies in the management? Is it your belief that the managers listed above were the best suited to their responsibilities?

Norm Massicotte

DISCUSSION TOPIC - 1. Did Torrington have to sell to IR?

The late 60s were a time of conglomeration. Companies were buying out other companies not solely with the intention of growing the businesses they were in. Rather, it was take over any company you could find that was undervalued by the stock market, whether or not you had any expertise running that business. These Companies were more like predators skilled in the machinations of Wall St., out to find a good deal, buying and selling companies.

Torrington had to have been a very attractive package and the proof of that is the premium IR paid to bring Torrington on-board, i.e. providing a share of preferred stock paying a dividend of $2.35 and 0.4 of a share of IR stock for each Torrington share. The new stock provided a dividend of $3.15 per share vs. the $1.60 that Torrington had been paying.

Torrington management did indeed negotiate a good deal for its stockholders, and took the safe and easy route to expansion by tapping IR’s definitely deep pockets. Unfortunately and sadly, Torrington gave up its autonomy, the self determination of its future.

Does any one know if Timken was ever faced with that dilemma?

Torrington had just gone big-time a few years earlier in 1960 when it got itself listed on the New York Stock Exchange. Milt Berglund moved up to Chairman, Bob Reid became President and Don Lewis and Ray O’Connell new Executive Vice Presidents.

Without a doubt, they constituted a plethora of brain power. Berglund, the hard driving no nonsense engineer, Bob Reid, the paramount polished Ivy Leaguer, O’Connell, the brainy MITer and Don Lewis, the just as capable UCONN engineer.

If one of these officers had a greater influence on the sell out, I would say it was Ray O’Connell because he had spent the prior few years as Torrington’s marketing expert and director of planning where the responsibility is not only to study the strengths and weaknesses of the existing operations but also to assess the possibilities of the future.

I believe he would have seen that Torrington was entering a period of tremendous growth which could be satisfied only by expanding and building more plants. This of course required outside financing. That would mean leveraging the Company , taking on more debt than it had ever done before. In the past, the Company had resorted to debt but only in so far as it could be repaid promptly.

All in the management were “nice guys” and the top mechanical engineers you could find anywhere. What did they lack as managers? I propose, none had any financial background. None had the level of experience and capability in business finance that compared to their expertise in Engineering. Why? Because apparently they did not give Finance as much importance as Engineering otherwise they would have brought on board some type of Harvard/ Stanford/ Wharton MBA with experience in investment banking, wheeling and dealing on Wall St. and perhaps as capable and intelligent as they were but instead in Business Finance.

Another theory of why they did not bring on some high level persons in the financial area is that, in the past, the Company had been run by non-engineer accounting types who had kept such a tight fist on the purse strings that manufacturing and engineering’s progress had suffered from lack of appreciation of their needs. When these Engineers became the ruling management, they were not about to let themselves revert back to that type of domination.

Instead they were satisfied with the likes of Walter Hudson, Bob Cron and Rae White. These too were “nice guys” but I don’t think anyone of the three had the abilities to assess what was going on in the world of conglomeration , provide alternatives to selling out and help navigate through the era. To add insult to the function, a manufacturing person, Larry Smith, was named Vice President - Finance and later a manufacturing planning and production specialist, Bob Breckinridge replaced him but by then the Corporate Financial function had been taken over by IR and the last two appointments were not as critical.

To its credit, management did hire White Weld for advice, a NYC investment banking outfit. I feel, though, our management was overwhelmed by these big city people especially when they were told that their personal assets would be in jeopardy from potential stockholder suit if they did not submit to the best offers of the predators.

To answer the question first posed, No , I do not think Torrington had to sell to IR.

If management had beefed up the in-house financial/stock market/Walk St. dealing expertise, developed a professional campaign to bring around a majority of stockholders and published a plan to get the Company through the onslaught. Seeing the success the Company had had since its founding, I am fairly confident that the shareholders would have been willing to give it a try and not sell out.

It’s second guessing. The benefit of retrospective second guessing. What do you think?

Norm Massicotte

Milestones in History - IV - 2003 Under Timken & Onward

Milestones in The Torrington Company’s History
IV - 4th Period, Timken 2003 Onward

-Torrington was part of the Engineered Solutions segment of the IR operations

2003, February 18.......... (intent previously announced October 16, 2002)
- The Torrington Company acquired by The Timken Company
- Timken completed its acquisition of The Torrington Company from Ingersoll-Rand for $840 million, consisting of:
.....- Cash $700 - Raised through
- .........................Public offering of 12.65 million Timken shares
- .........................Issue of $250 million seven-year senior unsecured notes
- .........................Five-year revolving credit facility
- .........................$125 million securities accounts receivable facility
.....- Timken shares, approx. 9.4 million, valued at $140 million, giving IR an about 11 percent ownership of Timken

- Torrington 2002 sales were $1.204 billion with Operating Income of $85.2 million
- $20 million pretax savings expected in the first 12 months from consolidating purchasing activities and distribution channels and $80 million by the end of 2005 when operations are combined and redundancies are eliminated

2003 cont’d
- Timken agreed to
…..sell the airframe operations in Torrington, Conn
…..sell the assets of the Rockford, Ill bearing plant (built in 1989).
…..move production from the Darlington, England bearing plant to other facilities and shut it down (built in 1965)
….continued integration of engineering, customer service and administrative functions
- NSK Ltd. exercised its right to acquire Torrington’s share in the NSK Torrington Co. Ltd. (NTC) from Timken for $146 million. For the fiscal year ended in March 2003, NTC had sales of $212.2 million. It was henceforward to be known as NSK Needle Bearings Co., Ltd.
- Note that in 1963 there were 360 Yen per US $ whereas by 2003 the value of the Yen had increased (or the value of the dollar had decreased) to 110 per $. That is a +325% increase in US Dollar value solely due to the rates of exchange even without considering growth. Thus, over the years, the strengthening of the Yen had a very beneficial effect on any Yen denominated dividends paid by NTC to its US owner or even on the ultimate value of its investment.
- Finding no buyers, Timken closed the Fafnir Division ball bearing facility in Rockford, Illinois

2004
- Kilian Manufacturing Corporation and its affiliate of Toronto, Canada are sold.
Kilian sales in 2003 were $40 million. They produced machined-race bearings, ball and roller, for sliding and overhead doors, furniture, appliance, conveyor and automotive steering applications.

2005
- Closed the automotive engineering center in Torrington, CT and Norcross, Georgia
- Closed manufacturing facility in Clinton, South Carolina (built in 1961).
- Downsized manufacturing facility in Vierzon, France

2006
- Closed administrative facilities in Torrington, CT
- Sold Nova Friburgo, Brazil facility (acquired in 1962)
- Timken completed divestiture of its automotive steering business located in Watertown, CT

- The Timken Company
.....................Net Sales.......Oper. Inc.....Net Income
..... 2006.....$4,973,365...$219,350....$222,527
..... 2005.....$4,823,167...$326,960....$260,281
..... 2004.....$4,287,197...$234,928....$135,656
..... 2003...$3,626,490..$101,875.....$36,481
..... 2002.....$2,384,077.....$85,657......$38,749
..... 2001.....$2,447.2........($17.7).........($41.7)
..... 2000.....$2,643.0.......$105.6..........$38.73
..... 1999......$2,495.0.......$132.8................x
..... 1998......$2,679.8........$225.0...............x

- Torrington
..... 2002.....$1,203.75........$85.15..............x
..... 2001......$1,077.8........$102.1................x
..... 2000.....$1,161.0.........$172.6................x
..... 1999......$1,239.5.........$145.7................x
..... 1998......$1,239.5.........$137.2................x

2007
- May 23, 2007 Ingersoll-Rand Torrington Unit will stay in Connecticut and build an automotive parts plant in Watertown consolidating manufacturing operations from three local facilities.

2007
- RBC Bearings (Mike Hartnett’c company) builds new 137,000 square foot aircraft products facility in Torrington on the Winsted Road and will relocate its operations from its current leased (from Timken) facility.

End


Please enter your corrections, observations, additional events under Comments for this subject. Your participation is deeply appreciated.

Milestones in History - III - 3rd Period & Timken's Announcement

Milestones in The Torrington Company’s History
III - Third Period to 2002 & Timken’s Announcement

1966
- Sales amounted to $106 million.
- Constructed a sewing machine needle plant, Torrington Portuguesa S.A.R.L., in Aboboda, Portugal for cost reduction purposes.
- Leased a small factory for needle bearing assembly in Llagostera, Spain

1967
-Milton E. Berglund elected Chairman, William R. (Bob) Reid, Jr. named President with Don Lewis and Ray O’Connell as Executive Vice Presidents
-As U.S. knitting machine manufacturers failed to improve and speed up their machines, foreign manufacturers invaded the U.S. market with their superior machines and their own needle sources.
- Purchased Thomaston Special Tool and Manufacturing Company with its three plants in the vicinity of Torrington

1968
- Expanded the NTC plant in Takasaki, Japan.
- Introduced the heavy-wall drawn cup wheel bearing for cost savings on automotive axles and planet pinion shafts for automatic transmissions
- Acquired Vaill Engineering Company, a Waterbury, Connecticut manufacturer of machine tools used in the fabrication of tubular components thereby adding to its swaging expertise and to where the swaging operations were relocated to form the Machinery Division.
- Announced the signing of an agreement in principle (October 10, 1968) to merge with Ingersoll-Rand Company with final approval on December 30th. The Torrington Company becomes a wholly subsidiary of Ingersoll-Rand and after 102 years ceased to exist as an independent company.
-Torrington shareholders received one share of I-R $2.35 preferred stock plus .4 share of I-R common stock for each share of Torrington stock. The new dividend amounted to $3.15 per share vs. the $1.60 paid by Torrington.

1969
-Built a new plant for the Specialties Division in Honea Path, South Carolina freeing space at the Standard and Broad Street plants.

1970
- Construction of a new headquarters building in Torrington, Connecticut was completed
- Resumed production of ball bearings at the Standard Plant for GM’s telescoping tilt-wheel mechanism.
- Demand for flatstock latch type knitting needles sharply increased. Fully struck tufting needles were introduced.
- Super precision helicopter needle bearings were also in great demand.
- The Bantam Division grew its production of large O.D. tapered roller bearings.
- Acquired Harrington Tool & Die Co., Ltd. Of Lachine, Quebec, supplier of needle-making machinery..
- Volume production of steering column U-joints is established at the Thomaston Special Products subsidiary.
- Hawksbury Gauge & Tool Company, Ltd. acquired to expand Coventry’s tooling capacity.
- Established the manufacture of needle bearings in an addition to the Ingersoll-Rand facility in Dandenong, Australia.

1971
- Torrington International Needle Bearing Sales and Planning Office (TISPO) set up in Coventry coordinating the production of needle bearings at Wurselen and Coventry.

1972
- Moved the U-joint operations from Coventry to Binley and shut down the spoke, nipple, screw, bolt and knitting needle business
- The Torrington Company, Ltd. purchased the closed down plant of the Lightning Fastener Division of Textron near Bedford to manufacture needle rollers and to assemble needle bearings for Canadian customers; expanded it in 1973.
- Acquired Wesco Industries Corporation of Plainview, Long Island, a maker of stop-motion devices for knitting machines.
- Sales of $115.8 million

1973
- A new plant in Sylvania, Georgia was constructed to concentrate on high-volume, pressed-metal bearings, primarily for the auto industry
- New plant built in Cairo, Georgia to produce machined-race bearings exclusively.
- Constructed an addition to the Nova Friburgo, Brazil plant to start a limited manufacture of needle bearings and U-Joints.

1975
-Acquired Kilian Manufacturing Corporation of Syracuse, N.Y. and its affiliate of Toronto, Canada. Kilian produced industrial casters and hardware-quality unground ball bearings for a variety of applications of non-exacting tolerances.
- Shut down Torrington S.p.A., the knitting needle plant in Genoa, Italy

1977
- The Specialties, Thomaston Special Products and Machinery divisions were consolidated into one entity, The Torrington Special Products Division
- Layoffs and cutbacks were effected in the Needle Division. Operating losses were recorded in the past three years.
- Suffered through a left wing military coup in Portugal and successfully resumed operations.

1978
- Knitting needle manufacture at the Excelsior plant was shut down with a consolidation of operations at Walhalla and the Canadian plant
- The spoke and nipple business is sold to Monogram Industries.
- A new Bearing Test Lab is added north of the Excelsior plant consolidating all needle bearing test operations as well as outboard engine testing.

1979
- Valve lifter roller assemblies are introduced and precisely ground pump vanes for auto power steering and transmissions are produced in massive quantities
- Special Products in Thomaston successfully produced intricate staple cartridges for surgical staplers
- NTC’s Takasaki plant further expanded.

1980
- In an attempt to prevent a monopoly, the Federal Trade Commission disallowed the sale of the knitting needle business to Groz-Beckert a German company.
- Torrington’s needle making business closed.
- SMN, FN and HN lines were sold to Groz-Beckert USA along with the SMN plant in Abobada, Portugal
- Sold the small needle bearing plant in Llagostera, Spain.

1981
- Employees bought-out the knitting needle operation in Bedford, Canada, and consolidated the transfer of U.S.A knitting needle assets into a new corporation, EXELTOR
- The industrial stitching machine operation sold to Puritan Industries, Inc. of Collinsville, Connecticut.
- Torrington is re-branded under a new I-R corporate identity program
- Thomas E. Bennett, a 30 year I-R veteran, replaced Ray O’Connell as President and vowed to continue its independence.
- A plant in Dahlonega , Georgia came on stream dedicated to producing needle rollers
- Shiloh factory at Rutherfordton, North Carolina started up specializing in heavy-duty roller bearings
- Walhalla plant converted from making needles to manufacturing automotive needle thrust bearings

1982
- Wurselen manufacturing facility converted into the European Central Warehouse (ECW) stocking bearing finished goods

1983
- Excelsior plant is renovated into modern offices to house the engineering and administrative functions of the Heavy Bearings division relocated from South Bend.
- Indiana manufacturing operations relocated to more modern facilities in the South.
- A separate Torrington International Division was formed to complement the existing Needle Bearings, Heavy Bearings and Special Products operating divisions.
- Product Division sales forces combined into a unified marketing approach.
- Broad Street (built in 1952) operations transferred to Dahlonega and plant closed.
- Manufacturing Development Center (MDC) constructed in Norcross, Georgia focusing on the latest in processing and machinery technology.
- Reached an agreement with Société Nouvelle de Roulements (SNR) of Annecy, France to exchange ideas and technology. Led to the development of sensor bearings

1984
- With SNR, acquired an equal equity in the French bearing manufacturer, Roulements Nadella specializing in metric needle roller bearings with plants at Vierzon and Maromme
- Signed a technology transfer agreement with Suzhou Bearings Factory in Jiangsu , China to provide training and technical expertise.

1985
- Merged with Fafnir Bearing Company, a division of Textron, bringing total sales to $750 million and making Torrington the largest broad-line bearings manufacturer in the U.S.A.
- Aerospace bearings were concentrated at Fafnir’s new Newington, Connecticut plant, production of other bearings reassigned to Torrington plants and its Arkadelphia, Arkansas and New Britain, Connecticut plants were eventually closed.
- Through Nadella, had a 26 per cent shareholding in the equity capital of Needle Roller Bearing Company Limited of India (NRB)
- Through the Nadella joint venture, acquired a minority interest in Industria Cuscinetti S.p.A (ICSA) of Turin, Italy a spherical roller bearing manufacturer.
- The Export-Import Consolidation Center in Torrington, CT became operational with the ECW in Wurselen facilitating product distribution internationally.

1987
- Precision Components Division in England produced complete steering column assemblies and the new tubular design
-Acquired commercial bearing assets of New Departure Hyatt, a division of General Motors

1988
-Established a joint concern with Nippon Seiko K.K. to make steering systems for Japanese cars being built in North America. The new company, Nastech Inc. of Bennington, VT started production of standard and tilt steering systems for passenger cars and light trucks early in

1989.
-Formed a partnership with the Norton Company of Worcester, Massachusetts, CERBEC Ceramic Bearings Company in East Grandby, Connecticut to specialize in ceramic and hybrid bearings. Partnership dissolved in 1991.
- New Forge Shop completed on the grounds of the Tyger River plant in Union, S.C.

1989
- Steering column operations are consolidated at the Torrington Avenue plant in Coventry
- Joint venture formed with Georg Mueller Nuernberg AG (GMN) of Germany for the high volume manufacture of electric-motor-quality radial ball bearings in Rockford, Illinois.
- Bearing Test Laboratory in Torrington expanded.
- Sold Harrington Tool & Die, Inc. along with the machinery building operations formerly of Waterbury that had been relocated to the Lachine facilities.
- NTC built the new Yawata plant in Takasaki.

1980 and 1990s
- Total Quality Management (TQM) program adopted.
- Sensor bearings are developed.
- Precision Components Division developed a new composite camshaft for automobile engines.
- Import throughout the U.S. of ball and roller bearings surged. Anti dumping charges were substantiated and filed. Transshipping is also documented. Some relief obtained.

1992
- Withdrew from jet engine segment of the market and the Newington plant.
- Shiloh plant committed to the manufacture of super precision machine tool bearings

1997
-Jerry Toupin, a Torrington engineer, was vice president/general manager of Fafnir Bearings Division

1998
-Sold Fafnir’s former Wolverhampton (U.K.) factory to Timken.


1999
Bearing sales estimated at $1.43 billion

2000
-NSK Ltd of Japan acquired 100-percent ownership of Nastech the joint venture between Torrington and NSK Ltd of Japan. It had achieved $100 million in sales to Japanese transplant as well as US auto manufacturers

2001
- Acquired full ownership of Nadella S.A. of France a previously formed venture with SNR Roulements of Annecy,
-Timken experienced losses and cut dividend to $0.52 per share, a 83% payout for the following year.

2002
-Bearings industry appears to be in cyclical trough
- Ingersoll-Rand reported a loss of $173.5 million on sales of $8.9 billion
-Timken approaches Ingersoll- Rand to purchase the industrial side of Torrington’s business but soon got interested in its entirety as it realized Torrington’s automotive business was stronger than originally thought.
-Torrington sales
............73% North America
............17% Europe
............10% Elsewhere
- October 16, Timken announced its intent to acquire The Torrington Company from Ingersoll-Rand

End


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Milestones in History - II - Second 50 Years

1917
-The Torrington Company of Connecticut formed and all the assets of the Excelsior Needle Company are transferred to The Torrington Company of Maine. The Excelsior Needle Company survives as the “Excelsior Plant”.
-During World War I, under U.S. Government mandate, began, reluctantly, producing surgical needles previously imported from England.
-Purchased the Conley Inn (now known as The Yankee Pedlar Inn) located on Main Street and expanded the number of rooms to accommodate as a girls’ dormitory, 200 recently recruited female employees

1920s
-Purchased Domestic Electric Manufacturing Company of Worcester, Massachusetts, a manufacturer of electric vacuum cleaners and combined it with the carpet sweeper operations at the Standard Plant.
-Sold vacuum cleaners door to door, a disastrous adventure in marketing which was fortunately offset by a surge in sales of wheel spokes for automobile wire wheels
-Bought out the Tiley-Pratt Company of Essex, Connecticut which used a draw-bench type of rolling to form spokes instead of the swaging process.
-Purchased Chicago Handlebar Company and relocated the bicycle handlebar operations to the Standard Plant.
-Acquired the Chauncey A. Williams Company of Manchester, New Hampshire a manufacturer of heavy-gauge knitting machine latch needles.
-Invested in the development and production of spring-beard needles
-Contracted with International Business Machines for the installation of tabulating equipment

1930s
-Acquired the New Home Sewing Machine Company of Orange, Massachusetts, a manufacturer of sewing machines and needles, from the Free Sewing Machine Company of Rockford, Illinois.
-Purchased the felting needle machinery and business of H. Lydall & Foulds, of Manchester, Connecticut
-Operations in England moved to a new plant on Torrington Avenue in Coventry.
-Torrington engineer Edmund K. Brown who had been hired in 1920, developed a new type of bearing for the company, a self-contained needle bearing, a one-piece cup containing a circle of needle rollers with shaped ends, held in place by curled-in lips of the cup; it saved space and weight.
-Acquired the Westfield Manufacturing Company, Westfield, Massachusetts, a manufacturer of bicycles with the popular brand name “Columbia”
-Acquired Bantam Ball Bearing Company of South Bend, Indiana which had its origins in Bantam, Connecticut..
-The assets of The Torrington Company of Connecticut are absorbed by The Torrington Company of Maine and is dissolved.
-The Company is listed on the Boston Stock Exchange
-Diversification into bicycles and parts carries the Company during the depression.
-Conley Inn is sold (1939).

1940s
-Torrington products prove vital to the WWII effort particularly bearings in aircraft and a myriad of parts for military applications
-Manufacture of ball bearings squeezed out of the Standard Plant by needle bearings and the development of the PN (pulley needle) series, as a substitute for the K series ball bearing, where a drawn cup with a complement of needle rollers is combined with a machined and ground inner ring to produce a non-separable assembly, without retainer washers.
-The Bantam Bearings Division in South Bend was busy turning-out heavier needle and radial roller bearings as well ball and roller thrust bearings.
-Bazooka casings, rifle, airplane, shell and incendiary bomb parts were produced.
-A standard line of bearings produced to forecast, was developed, the self-aligning spherical roller bearing by the Bantam division.
-Decision made to man the bearing sales force with graduate engineers trained to design bearings into a customer’s product
-Program to market bearings through Distributors is established in addition to direct sales.
-Labor unions are established at both the Standard and the Excelsior plants.
-Purchased the vacated plant of Stanley Home Products in Westfield, Massachusetts for the production of needles.

1950s
-Sales of $33.6 million in 1950, $52 million in 1951, $58.5 million in 1957
-Developed in England, the manufacture of needle bearings and knitting machine needles from machinery shipped from the Bedford Canada factory.
- Acquired Aghi Zebra San Giorgio, a knitting needle manufacturer of Genoa, Italy and changed its name to Torrington S.p.A.
-Tariff rates on machine needles entering the U.S. from abroad are reduced opening the market to foreign competition.
- Bantam’s needle roller production moved from South Bend to Torrington.
- Built the Broad Street plant to consolidate needle roller production in one location and relieve space at the Standard Plant
-Added a line of needles for warp knitting machines.
- Developed the needle thrust bearing, a self-contained unit to handle axial force, which would be used in automatic transmissions among many other applications.
- Purchased the Progressive Manufacturing Company a manufacturer of machine screws, nuts and bolts, fasteners, located close to the Standard Plant.
- Company restructured into product divisions, Needles, Needle Bearings, Specialties, Swager-Surgical and Bantam
- J Series with separated and retained rollers within a cup and WJ Series with a retainer and a complement of rollers with not outer ring or cup were introduced.

1960s
-Sales of $67.5 million
-The Torrington Company is listed on the New York Stock Exchange with the ticker symbol of TOR
-The Piedmont-Oconee Needle Plant built in Walhalla, South Carolina , for fine-gauge knitting machine needles, the Company’s first venture South and in a non-union environment (1960)
- Second South, Carolina plant built in Clinton, to manufacture needle bearings (1961)
- Purchased a latch knitting machine needle firm in Nova Friburgo, Brazil, named it Torrington-Magus, Ltd. and assigned responsibility to The Torrington Company, Ltd. of Canada
- Sold Westfield Manufacturing to Columbia Manufacturing and disposed of Progressive Manufacturing
-The Westfield knitting machine needle plant is closed and the New Home plant sewing machine operations are transferred to the new Walhalla plant
-Constructed the Wire Mill next to the Broad Street Plant, enabling a reduction in raw material costs by dealing in fewer rod sizes to be drawn down to the variety of wire (roller) sizes required.
- Bantam Division introduced triple-ring roller bearings and a line of self-aligning ball bushings with smaller sizes made at the Standard Plant .
-With Nippon Seiko KK, Ltd. (NSK) formed joint venture of NSK- Torrington Co. Ltd. (NTC) in Takasaki City, Japan, owning 49.03% of the equity interest (1963) Initial technical assistance and training provided by Torrington’s U.K. operations
- Universal Joint product line incorporating drawn cup needle bearings developed at the Coventry, England plant.
- South Bend developed screwdown tapered tapered roller thrust bearings and aluminum bearing cages
- Drawn cup overrunning roller clutch conceived and developed by John Cowles at the Connecticut facilities.
-The Clinton and Walhalla plants are expanded and a new research and development building was constructed next to the Standard Plant
-Production of Heavy bearings started at a new plant in Darlington, England
-The Bantam Division shifted production of some bearings to a new plant, Tyger River, in Union, South Carolina.
-The Needle Bearing division introduced a new antifriction nose wheel for chain saws and also sealed drawn cup roller bearing.
-New plant constructed in Wurselen, Germany to accommodate the manufacture of needle bearings, sewing machine needles and eventually felting needles and universal joints
-First computer installed in 1962 and subsequent teleprocessing with the Southern plants
-Sales amounted to $93.4 million (60% bearings, 30% needles) in 1965
-Nadella incorporated NRB in India and formed a joint venture between NRB Bearings Limited and Torrington with a plant at Waluj.

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Milestones in History - I - First 50 Years

Milestones in The Torrington Company’s History
I - First 50 Years

1846
-Elias Howe Jr. of Cambridge, MA received the first American patent for a “Sewing Machine” and relocated to New Hartford, Connecticut.

1864
-Orrin L. Hopson and Herman P. Brooks received a patent on a mechanism to compress sections of steel wire

1865
-United States Civil War ends.

1866
-Hopson and Eli J. Manville of Waterbury, Connecticut and Brooks of Wolcottville, Connecticut organized Excelsior Needle Company locating its first plant in the Daytonville (northern)
section of Torrington, Connecticut

1870
-Built The Needle Shop factory at Railroad Square, bordering Church Street, in Wolcottville, the central section of the city of Torrington, to manufacture sewing machine needle blanks using the wire compressing process (blanking).

1872
-Purchased $3,000 worth of stock of the Davis Sewing Machine Company of Watertown, New York

1876
-Recorded sales of $75,000

1882
-First rotary swaging machine patent to form needle blanks issued to W.H. (Bill) Dayton for the Excelsior Needle Company

1890
-Took over National Needle Company of Springfield, Massachusetts which not only manufactured sewing machine needles but had also come up with a design for a sewing machine

1890s
-Constructed plant at the site of present Excelsior Field Street building. Vacated the Church Street property
-Incorporated in the State of Connecticut (1893)
-Set up the Torrington Swaging Company a forerunner of the Specialties Division to manufacture spokes and nipples
-Established its first foreign subsidiary, American Supplies Company, Ltd. in London, England
-Piloted The Leicester Swaging and Supply Company in England, in the manufacture of spokes and nipples for bicycle wheels
-Purchased T. Paice & Son of Redditch to manufacture needles in England
-Purchased A.H. Smith Company of New Haven and moved its hook needle-making machinery to Torrington
-Diversified into the manufacture of heavier hook needles and knitting machine latch needles
-Formed a subsidiary The Coventry Swaging Company, Ltd. which absorbed the Leceister and Redditch operations and relocated to Coventry, England
-Set up The Puritan Manufacturing Company in Torrington to manufacture sewing machines and shoe machinery.
-Developed a heavy duty stitching machine

1898
-Annual Sales of $768,000
-All of Excelsior Needle Company assets are conveyed to The Torrington Company of Maine (organized as a holding company) which had purchased all of its stock.
-The Torrington Swaging Company is renamed The Standard Spoke and Nipple Company which in turn was subsequently renamed The Standard Company

1904
-Purchased the bicycle pedal business of Bridgeport Gun Implement Company and merged it into the Standard operations

1905
-Opened a Torrington needle factory in Aachen, Germany, MetallwarenGesellshaft,m.b.h. (Metwar).
-Assumed control of the Domestic Sewing Machine Company of Newark, New Jersey, a sewing machine and carpet sweeper manufacturer

1906
-Built the present Standard Plant to house The Standard Company

1907
-Sold the original Needle Shop on Church Street

1910
-Invested in the Splitdorf Electrical Company of New Jersey which made ignition coils, spark plugs, magnetos and ball bearings and moved production to Torrington

1912
-Initiated the manufacture of screws and bolts at the Coventry plant
-Took on the manufacture of hook needles at the Aachen plant which although impounded by Germany during World War I, was returned intact in 1920
-Electrical service is installed at all factories in Torrington, Connecticut (1912/1914). The preferred method of delivering power to the machinery was belts driven from overhead line shafts which could now be electrified.

1913
-Purchased the Bedford Corey Needle Company of Bedford, Quebec, Canada, a maker of knitting latch needles. Later named The Torrington Company, Ltd. .

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Company Presidents / CEOs

We are herewith compiling a list of Torrington Company Presidents whether CEO, General Managers, whatever title held, who were the number one executives located at the corporate HQ in Torrington, CT as well as the term of service in that capacity.

It would also be of interest to have a side by side listing, since being acquired by Ingersoll Rand in 1968, of the IR people who were the direct reports to the William L. Wearly, D. Wayne Hallstein, Thomas Holmes, Theodore Black, James E. Perella etc but had the responsibility for Torrington.

.....Torrington....................Dates of Service................. IR Officers
.....Presidents.......................as President.................... Responsible

Achille F. Migeon..............1866- +30 years
Charles Alvord..................1866-1893 Secretary/Treasurer
................................................................. (de facto CEO)
..........................................1893-1898 served as First
.................................................................Vice President,
................................................................ largest shareholder
John F. Alvord...................1898-1910 succeeded father
............................................1910-1924 managed Company
.............................................................. in absentia from NYC
William R. Reid.................1924-1946
Lester J. Ross...................1946-1953 (died while in office)
Walter C. Thompson. ......1953-1959
Milton E. Berglund...........1959-1967
W.R. (Bob) Reid, Jr..........1967-1974 son of William R. Reid
Raymond G. O’Connell....1974-1981............... D. Wayne Hallstein
...............................................................................Bill Mackie
...........................................................................Thomas Holmes
Thomas E. Bennett...........1981-1991................Thomas Holmes
James E. Perrella ..............1991- (for about 6 months)
J. Frank Travis..................1991-1994
Allen M. Nixon...................1994-2001
Successor..???????..............2001-2003



P.S. approximate dates are better than none

Introduction to this blog

This past March, I happened to drive down Field St. in Torrington, CT. To my amazement, there wasn't a single car in the adjoining parking lots and not a soul about. It struck me hard, The Torrington Company founded in 1866, was no more. I proceeded around the corner down North St, there was finally some sign of life at its corner with Prospect St.

The surrounding parking lots here were full, plenty of activity.. A sign on the newer section of the six story Standard Plant showed “RBC Bearings“. That’s a former Torrington employee, Mike Hartnett’s company. He and his company are more than surviving, they seem to be doing fine here and around the country.

Back in 2003, Ingersoll Rand sold off most of all the parts of The Torrington Company to The Timken Company which, in a move to eliminate redundancies and generate economies, has physically removed and integrated the Torrington Connecticut operations into its own.

I am sure many employees of the Ingersoll Rand / Torrington group have survived at Timken. For us on the outside, simply, The Torrington Company is gone.

In this blog we will delve into the history of the once flourishing Torrington Company and as much as all of you can contribute, lay out “what happened”. Participation in this blog will be key to its survival. We invite your suggestions and comments.

To start matters off , as our first subject, we will compile a list of Torrington’s Presidents/CEOs. Our second subject will be a timeline of Major Events. Of course, in all of the subjects laid out, we will invite your comments.

I will personally moderate the incoming Comments to eliminate the crazies, but I assure you any comments that are not offensive will be published.

Norm Massicotte