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Punches and chisels have been in use for centuries. In fact, next to striking tools they are likely the oldest tools in the history of humanity.
In prehistoric times these tools were used for performing survival tasks such as carving wood, forming stone, and preparing and fabricating clothing.
Today hand held punches and chisels are used for removing pins and bushings, and cutting or splitting steel objects.
In 1919, when sales of war machinery to the Canadian government declined, the company turned to selling ball bearings. It was felt that these could be sold into a large segment of the industrial market, since they could be used individually or incorporated into many other devices and machines.
