Electro-Magnetic Tool Co. was in business by 1908. Their early products were electric impact tools for mining—rock drills and chisels. Over the years they expanded their product lineup to include hammer drills, riveters, and regular hand-held electric drills. In mid-1929 they changed their name to SpeedWay Manufacturing Co., in recognition of the brand they were using on their increasingly popular line of handheld electric drills, hammers, screwdrivers and grinders. In 1954 they were acquired by Thor Power Tool Co.; the Speedway name continued for a few years before being phased out in favor of the Thor name.
Information Sources
- Tool tag seen on eBay: "Electro-magnetic Tool Co. / Speed Way / Cicero Ill., Made in U.S.A. / Patented Nov. 1, 1921 - Nov. 23, 1926 / Sales & service in all principal cities".