Eugene Cornwell founded the company that bears his name in 1919. He started out in a small blacksmith shop in Cuyahoga Falls, Ohio but eventually moved to a larger facility in Mogadore. He discovered that broken carriage axles made the best steel for punches, so he'd ask tool buyers to provide him with old axles. In 2009, the company celebrated its 90th anniversary. It is now employee-owned, with a forging plant in Albion Pennsylvania and a machining facility in Mogadore Ohio.