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69-419: Norton Company was founded in 1885 by a group of ceramists and entrepreneurs from Worcester, Massachusetts. The group set out to manufacture the first mass-produced, precision-made grinding wheel to fulfill the burgeoning U.S. manufacturing industry's growing need for abrasives. In 1990 it was purchased by Saint-Gobain of France . Norton specializes in the manufacture of abrasive products for applications in

138-574: A publicly held company. Since 2009, Norton has been a chief sponsor and abrasive supplier for both the United States Men's and Women's Olympic luge teams. Both teams competed under Norton sponsorship in the 2010 Vancouver Winter Games . Norton was also a leader in the design and building of grinding machines for mass production . 42°18′22″N 71°48′12″W  /  42.30611°N 71.80333°W  / 42.30611; -71.80333 Manufacturing Manufacturing

207-481: A Competitive Industrial Performance (CIP) Index, which measures the competitive manufacturing ability of different nations. The CIP Index combines a nation's gross manufacturing output with other factors like high-tech capability and the nation's impact on the world economy. Germany topped the 2020 CIP Index, followed by China, South Korea , the United States, and Japan. In 2023, the manufacturing industry in

276-440: A company they perceive as possibly lacking liquidity. For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus,

345-409: A large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances , furniture, sports equipment or automobiles ), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering

414-401: A long period of time after maturity into a profitable company. However, from 1997 to 2012, the number of corporations publicly traded on US stock exchanges dropped 45%. According to one observer ( Gerald F. Davis ), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since

483-487: A new factory on the outskirts of the city, in the Greendale neighborhood. The factory was not only important to the company for its innovation but also for its proximity to two major railways for shipping. The Greendale factory stands to this day. During the late 1890s, corporate decision-making proved conservative until it was assured the company would succeed. Until that time, dividends were frequently forgone and many of

552-595: A product. Some industries, such as semiconductor and steel manufacturers, use the term fabrication instead. The manufacturing sector is closely connected with the engineering and industrial design industries. The Modern English word manufacture is likely derived from the Middle French manufacture ("process of making") which itself originates from the Classical Latin manū ("hand") and Middle French facture ("making"). Alternatively,

621-520: A public company. In the United Kingdom , it is usually a public limited company (plc). In France , it is a société anonyme (SA). In Germany , it is an Aktiengesellschaft (AG). While the general idea of a public company may be similar, differences are meaningful and are at the core of international law disputes with regard to industry and trade. Usually, the securities of a publicly traded company are owned by many investors while

690-575: A result, they make only a reactive contribution. Emerging technologies have offered new growth methods in advanced manufacturing employment opportunities, for example in the Manufacturing Belt in the United States. Manufacturing provides important material support for national infrastructure and also for national defense . On the other hand, most manufacturing processes may involve significant social and environmental costs. The clean-up costs of hazardous waste , for example, may outweigh

759-553: A separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a merger . Subsidiaries and joint ventures can also be created de novo . That often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to

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828-422: A thousand dollars. Were it not for these processes these same cars would cost at least five thousand dollars, if indeed they could be made at all." With 95 percent of an automobile's moving parts requiring grinding, the automotive industry soon became Norton's biggest customer. With a resistance to grinding innovation, Norton gradually lost most of its industry market share by the mid-1950s. In 1962, Norton became

897-649: A wood, bone, or antler punch could be used to shape a stone very finely was developed during the Upper Paleolithic , beginning approximately 40,000 years ago. During the Neolithic period, polished stone tools were manufactured from a variety of hard rocks such as flint , jade , jadeite , and greenstone . The polished axes were used alongside other stone tools including projectiles , knives, and scrapers, as well as tools manufactured from organic materials such as wood, bone, and antler. Copper smelting

966-476: Is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company ), which facilitates the trade of shares, or not ( unlisted public company ). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in

1035-502: Is believed to have originated when the technology of pottery kiln allowed sufficiently high temperatures. The concentration of various elements such as arsenic increase with depth in copper ore deposits and smelting of these ores yields arsenical bronze , which can be sufficiently work-hardened to be suitable for manufacturing tools. Bronze is an alloy of copper with tin; the latter of which being found in relatively few deposits globally delayed true tin bronze becoming widespread. During

1104-484: Is conventionally defined by the widespread manufacturing of weapons and tools using iron and steel rather than bronze. Iron smelting is more difficult than tin and copper smelting because smelted iron requires hot-working and can be melted only in specially designed furnaces. The place and time for the discovery of iron smelting is not known, partly because of the difficulty of distinguishing metal extracted from nickel-containing ores from hot-worked meteoritic iron. During

1173-586: Is especially prevalent in such countries as the United Kingdom and the United States. In the United States, the Securities and Exchange Commission requires firms whose stock is traded publicly to report their major shareholders each year. The reports identify all institutional shareholders (primarily firms that own stock in other companies), all company officials who own shares in their firm, and all individuals or institutions owning more than 5% of

1242-408: Is privately held can buy out the shareholders of a public company, taking the company off the public markets. That is typically done through a leveraged buyout and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of

1311-455: Is the creation or production of goods with the help of equipment, labor , machines , tools , and chemical or biological processing or formulation . It is the essence of the secondary sector of the economy . The term may refer to a range of human activity , from handicraft to high-tech , but it is most commonly applied to industrial design , in which raw materials from the primary sector are transformed into finished goods on

1380-459: Is the field of engineering that designs and optimizes the manufacturing process , or the steps through which raw materials are transformed into a final product . The manufacturing process begins with the product design , and materials specification . These materials are then modified through manufacturing to become the desired product. Contemporary manufacturing encompasses all intermediary stages involved in producing and integrating components of

1449-404: Is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company

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1518-499: The Bronze Age , bronze was a major improvement over stone as a material for making tools, both because of its mechanical properties like strength and ductility and because it could be cast in molds to make intricately shaped objects. Bronze significantly advanced shipbuilding technology with better tools and bronze nails, which replaced the old method of attaching boards of the hull with cord woven through drilled holes. The Iron Age

1587-612: The Oldowan " industry ", date back to at least 2.3 million years ago, with the earliest direct evidence of tool usage found in Ethiopia within the Great Rift Valley , dating back to 2.5 million years ago. To manufacture a stone tool, a " core " of hard stone with specific flaking properties (such as flint ) was struck with a hammerstone . This flaking produced sharp edges that could be used as tools, primarily in

1656-476: The private sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In the United States , for example, a public company is usually a type of corporation though a corporation need not be

1725-422: The 1830s. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power , the development of machine tools and the rise of the mechanized factory system . The Industrial Revolution also led to an unprecedented rise in the rate of population growth. Textiles were the dominant industry of

1794-478: The 1890s after the introduction of the practical DC motor and the AC motor , was fastest between 1900 and 1930. This was aided by the establishment of electric utilities with central stations and the lowering of electricity prices from 1914 to 1917. Electric motors allowed more flexibility in manufacturing and required less maintenance than line shafts and belts. Many factories witnessed a 30% increase in output owing to

1863-451: The 1934 Act are generally deemed public companies. A public company possess some advantages over privately held businesses. Many stock exchanges require that publicly traded companies have their accounts regularly audited by outside auditors and then publish the accounts to their shareholders. Besides the cost, that may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In

1932-536: The 8th century. Papermaking technology was spread to Europe by the Umayyad conquest of Hispania . A paper mill was established in Sicily in the 12th century. In Europe the fiber to make pulp for making paper was obtained from linen and cotton rags. Lynn Townsend White Jr. credited the spinning wheel with increasing the supply of rags, which led to cheap paper, which was a factor in the development of printing. Due to

2001-510: The American industrial needs of World War I and the American automobile industry boom began a period of explosive growth. In 1904, Norton employee Aldus Higgins invented a water-cooled furnace, which was crucial to the company's success at the time. In 1914, Henry Ford's purchase of thirty-five Norton Grinders prompted Ford to remark that "the abrasive processes are basically responsible for our ability to produce cars to sell for less than

2070-638: The CEO of General Electric , called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand. Further, while U.S. manufacturing performs well compared to the rest of the U.S. economy, research shows that it performs poorly compared to manufacturing in other high-wage countries. A total of 3.2 million – one in six U.S. manufacturing jobs – have disappeared between 2000 and 2007. In

2139-505: The English word may have been independently formed from the earlier English manufacture ("made by human hands") and fracture . Its earliest usage in the English language was recorded in the mid-16th century to refer to the making of products by hand. Human ancestors manufactured objects using stone and other tools long before the emergence of Homo sapiens about 200,000 years ago. The earliest methods of stone tool making, known as

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2208-559: The Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. Rapid industrialization first began in Britain, starting with mechanized spinning in the 1780s, with high rates of growth in steam power and iron production occurring after 1800. Mechanized textile production spread from Great Britain to continental Europe and

2277-621: The Mediterranean basin. Early construction techniques used by the Ancient Egyptians made use of bricks composed mainly of clay, sand, silt, and other minerals. The Middle Ages witnessed new inventions, innovations in the ways of managing traditional means of production, and economic growth. Papermaking , a 2nd-century Chinese technology, was carried to the Middle East when a group of Chinese papermakers were captured in

2346-638: The UK, EEF the manufacturers organisation has led calls for the UK economy to be rebalanced to rely less on financial services and has actively promoted the manufacturing agenda. According to the United Nations Industrial Development Organization (UNIDO), China is the top manufacturer worldwide by 2023 output, producing 28.7% of the total global manufacturing output, followed by the United States of America , Germany , Japan , and India . UNIDO also publishes

2415-551: The United States accounted for 10.70% of the total national output, employing 8.41% of the workforce. The total value of manufacturing output reached $ 2.5 trillion. In 2023, Germany's manufacturing output reached $ 844.93 billion, marking a 12.25% increase from 2022. The sector employed approximately 5.5 million people, accounting for around 20.8% of the workforce. These are the top 50 countries by total value of manufacturing output in U.S. dollars for its noted year according to World Bank : Publicly held A public company

2484-527: The United States in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium and the United States and later textiles in France. An economic recession occurred from the late 1830s to the early 1840s when the adoption of the Industrial Revolution's early innovations, such as mechanized spinning and weaving, slowed down and their markets matured. Innovations developed late in

2553-492: The United States, the Sarbanes–Oxley Act imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control. The principal–agent problem , or the agency problem is a key weakness of public companies. The separation of a company's ownership and control

2622-596: The autobody, construction, welding/industry, and marine/composite markets as well as for contractors and DIY consumers. The roots of the Norton Company begin with in a pottery shop Worcester, opened in 1858 by Franklin Norton and his older cousin Frederick Hancock. The shop specialized in redware and stoneware pottery. In 1873, an employee of the shop, Sven Pulson , invented a Grinding wheel that

2691-445: The benefits of a product that creates it. Hazardous materials may expose workers to health risks. These costs are now well known and there is effort to address them by improving efficiency , reducing waste, using industrial symbiosis , and eliminating harmful chemicals. The negative costs of manufacturing can also be addressed legally. Developed countries regulate manufacturing activity with labor laws and environmental laws. Across

2760-520: The casting of cannon, the blast furnace came into widespread use in France in the mid 15th century. The blast furnace had been used in China since the 4th century BC. The stocking frame , which was invented in 1598, increased a knitter's number of knots per minute from 100 to 1000. The Industrial Revolution was the transition to new manufacturing processes in Europe and the United States from 1760 to

2829-432: The company. One way of doing so would be to make a rights issue designed to enable the new investor to acquire a supermajority . With a supermajority, the company could then be relisted, or privatized. Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a subsidiary or joint venture of the purchaser(s), or ceasing to exist as

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2898-568: The concept of "focus", with an implication that a business cannot perform at the highest level along all five dimensions and must therefore select one or two competitive priorities. This view led to the theory of "trade offs" in manufacturing strategy. Similarly, Elizabeth Haas wrote in 1987 about the delivery of value in manufacturing for customers in terms of "lower prices, greater service responsiveness or higher quality". The theory of "trade offs" has subsequently being debated and questioned, but Skinner wrote in 1992 that at that time "enthusiasm for

2967-451: The concepts of 'manufacturing strategy' [had] been higher", noting that in academic papers , executive courses and case studies , levels of interest were "bursting out all over". Manufacturing writer Terry Hill has commented that manufacturing is often seen as a less "strategic" business activity than functions such as marketing and finance , and that manufacturing managers have "come late" to business strategy-making discussions, where, as

3036-444: The firm's stock. For many years, newly-created companies were privately held but held initial public offering to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies such as the investment banking firm Goldman Sachs and the logistics services provider United Parcel Service (UPS) chose to remain privately held for

3105-402: The form of choppers or scrapers . These tools greatly aided the early humans in their hunter-gatherer lifestyle to form other tools out of softer materials such as bone and wood. The Middle Paleolithic , approximately 300,000 years ago, saw the introduction of the prepared-core technique , where multiple blades could be rapidly formed from a single core stone. Pressure flaking , in which

3174-481: The globe, manufacturers can be subject to regulations and pollution taxes to offset the environmental costs of manufacturing activities . Labor unions and craft guilds have played a historic role in the negotiation of worker rights and wages. Environment laws and labor protections that are available in developed nations may not be available in the third world . Tort law and product liability impose additional costs on manufacturing. These are significant dynamics in

3243-613: The growth of the ancient civilizations, many ancient technologies resulted from advances in manufacturing. Several of the six classic simple machines were invented in Mesopotamia. Mesopotamians have been credited with the invention of the wheel. The wheel and axle mechanism first appeared with the potter's wheel , invented in Mesopotamia (modern Iraq) during the 5th millennium BC. Egyptian paper made from papyrus , as well as pottery , were mass-produced and exported throughout

3312-602: The increasing shift to electric motors. Electrification enabled modern mass production, and the biggest impact of early mass production was in the manufacturing of everyday items, such as at the Ball Brothers Glass Manufacturing Company , which electrified its mason jar plant in Muncie, Indiana , U.S. around 1900. The new automated process used glass blowing machines to replace 210 craftsman glass blowers and helpers. A small electric truck

3381-407: The industry in the United States and other countries. According to a "traditional" view of manufacturing strategy, there are five key dimensions along which the performance of manufacturing can be assessed: cost, quality , dependability , flexibility and innovation . In regard to manufacturing performance, Wickham Skinner , who has been called "the father of manufacturing strategy ", adopted

3450-405: The large-scale manufacture of machine tools and the use of increasingly advanced machinery in steam-powered factories. Building on improvements in vacuum pumps and materials research, incandescent light bulbs became practical for general use in the late 1870s. This invention had a profound effect on the workplace because factories could now have second and third shift workers. Shoe production

3519-619: The largest keys to the growth of the company was Norton's 1900 expansion into the machine tools industry . Through partnership with Charles H. Norton , the company founded the Norton Grinding Company division. The company specialized in the production of stationary grinding machines, an alternative to expensive workmen, which were capable of producing high volume, working with extremely heavy materials, and grinding with an unbelievable tolerance. Initially, with minimal product need, Norton's Grinding division saw little success, but

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3588-727: The market towards end customers . This relative cost reduction towards the market, is how manufacturing firms secure their profit margins . Manufacturing has unique health and safety challenges and has been recognized by the National Institute for Occupational Safety and Health (NIOSH) as a priority industry sector in the National Occupational Research Agenda (NORA) to identify and provide intervention strategies regarding occupational health and safety issues. Surveys and analyses of trends and issues in manufacturing and investment around

3657-425: The number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization. Another example of the impact of volume on the accuracy of market capitalization

3726-423: The ongoing process, occurring over the last few decades, of manufacture-based industries relocating operations to "developing-world" economies where the costs of production are significantly lower than in "developed-world" economies. From a financial perspective, the goal of the manufacturing industry is mainly to achieve cost benefits per unit produced, which in turn leads to cost reductions in product prices for

3795-540: The owners declined to draw a salary. Also pivotal to Norton's early growth was a focus on marketing . The company introduced a series of pamphlets and related literature, which detailed the intricacies of each wheel and advised users on benefits for desired applications. By the mid-1890s, Norton stocked the largest inventory of grinding wheels in the world, subsequently beginning distribution in Chicago (1887), New York City (1904), and soon after, across Europe . One of

3864-627: The period, such as the increasing adoption of locomotives, steamboats and steamships, hot blast iron smelting and new technologies, such as the electrical telegraph , were widely introduced in the 1840s and 1850s, were not powerful enough to drive high rates of growth. Rapid economic growth began to occur after 1870, springing from a new group of innovations in what has been called the Second Industrial Revolution . These innovations included new steel making processes , mass-production , assembly lines , electrical grid systems,

3933-406: The pottery shop in 1880, replaced by his brother-in-law John Jeppson . When Frank Norton's business came on the market, he was quick to purchase it. Partnering with co-workers, Walter Messer and Charles Allen; Worcester Polytechnic Institute professors, Milton Prince Higgins and George I. Alden ; and Washburn & Moen employees Fred Harris Daniels and Horace A. Young . The partners built

4002-497: The price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in

4071-527: The production flow and some had special carriages for rolling heavy items into machining positions. Production of the Ford Model T used 32,000 machine tools. Lean manufacturing , also known as just-in-time manufacturing, was developed in Japan in the 1930s. It is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It

4140-446: The same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time. Firms that are sold in this manner are called spin-outs . Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. That often entails

4209-502: The shares of a privately held company are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In the United States, companies with over 500 shareholders in some instances are required to report under the Securities Exchange Act of 1934 ; companies that report under

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4278-437: The then-well-known technique of chain or sequential production. Ford also bought or designed and built special purpose machine tools and fixtures such as multiple spindle drill presses that could drill every hole on one side of an engine block in one operation and a multiple head milling machine that could simultaneously machine 15 engine blocks held on a single fixture. All of these machine tools were arranged systematically in

4347-428: The turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of computer numerical control machines and newer digitally enabled tools such as 3D printing will lead to smaller and more local organization of production. In corporate privatization, more often called " going private ," a group of private investors or another company that

4416-431: The world focus on such things as: In addition to general overviews, researchers have examined the features and factors affecting particular key aspects of manufacturing development. They have compared production and investment in a range of Western and non-Western countries and presented case studies of growth and performance in important individual industries and market-economic sectors. On June 26, 2009, Jeff Immelt ,

4485-409: The would-be buyer(s) making a formal offer for each share of the company to shareholders. The shares of a publicly traded company are often traded on a stock exchange . The value or "size" of a company is called its market capitalization , a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times

4554-857: Was introduced in Australia in the 1950s by the British Motor Corporation (Australia) at its Victoria Park plant in Sydney, from where the idea later migrated to Toyota. News spread to western countries from Japan in 1977 in two English-language articles: one referred to the methodology as the "Ohno system", after Taiichi Ohno , who was instrumental in its development within Toyota. The other article, by Toyota authors in an international journal, provided additional details. Finally, those and other publicity were translated into implementations, beginning in 1980 and then quickly multiplying throughout

4623-481: Was mechanized during the mid 19th century. Mass production of sewing machines and agricultural machinery such as reapers occurred in the mid to late 19th century. The mass production of bicycles started in the 1880s. Steam-powered factories became widespread, although the conversion from water power to steam occurred in England earlier than in the U.S. Electrification of factories, which had begun gradually in

4692-483: Was now used to handle 150 dozen bottles at a time whereas previously used hand trucks could only carry 6 dozen bottles at a time. Electric mixers replaced men with shovels handling sand and other ingredients that were fed into the glass furnace. An electric overhead crane replaced 36 day laborers for moving heavy loads across the factory. Mass production was popularized in the late 1910s and 1920s by Henry Ford 's Ford Motor Company , which introduced electric motors to

4761-419: Was superior to most on the market at that time. This new grinding wheel was made by mixing clay with emery and water. As the need for grinding wheels was expanding, Frank Norton patented Pulson's invention and began manufacturing it. By 1885, Frank Norton's discouraging health and Frederick Hancock's lack of interest in the new product resulted in the need to sell the wheel manufacturing business. Pulson left

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