The company was founded by Carolus Wrede to continue operations of the previously bankrupted Tehtaat Lehtoniemi & Taipale Fabriker.

Forstén left the company in 1892, after which Krank led the business alone; he was an innovative and enthusiastic engineer, who got many patents.

In 1896 the company built a paddle steamer for a Moscow-based customer, and icebreaker Jermak, which went to Vladivostok; both ships were delivered in parts and assembled in Russia; they were too large to fit into the Saimaa Canal.

[1] Wrede appointed engineer Harald Staffans as Technical Manager and invested on the facility modernising the plant.

[2] Transporting of raw material was done on waterway, but during the winter months by horses from Pieksämäki railway station.

[2] During the 1910s the business had run well, but as the production and materials tied a lot of capital, the company was vulnerable to economic downturns.

Reduction of orders from the most significant customer, Imperial Russian Army, led to difficulties.

A part of the shares were sold to a St. Petersburg businessman Harald Lundsten[2] and Emissioni Oy.

[1] The facilities could be now further modernised; in summer 1922 installed compressor plant increased productivity significantly, and a new carpenter shop followed in 1927.

The association was active since the beginning, and got also members from Varkaus, where the local A. Ahlström factory management did not tolerate labour movement.

The association planned to build a community hall, but the project was cancelled due to a strike that took place on 20 April 1906.

The overall production including Krank's era comprised 205 vessels for coastal and inland waterway shipping, the largest one being port icebreaker Suursaari.