Bell & Gosset was founded in 1916 to manufacture water pumps. The company continues to operate out of Morton Grove, Illinois. It became a part of the huge ITT enterprise at some point in the past.
Oil-lubricated compressors contaminate air with oil. In 1954, Bell & Gossett engineers discovered that carbon rings on pistons could eliminate this problem. The patent number on my air compressor is the result of their work. This began the era of oil-less articulating piston compressors. In the original patent diagram below, the wearing skirt (14) is composed of U.S. Graphite No. 39. In the mid-1960's, carbon was replaced by polytetrafluoroethylene (PTFE).