Lapmaster was founded in Chicago in 1948 as a manufacturer of lapping and polishing machines for the mechanical seal market. The business grew out of the need of the Crane Packing Company to develop a method for their internal mechanical seal manufacturing, proving so effective they were commercialized. During its early years, Lapmaster was a division of Crane Packing Co. Crane established a UK subsidiary (Payne Products) to sell machines in Europe, marking early international growth. By the early 1960s, Lapmaster was producing machines for the semiconductor industry, starting with silicon wafer processing. In 2006, they acquired the Honing Systems Division of Barnes International, adding bore honing to its portfolio.
In 2014, Lapmaster acquired German firm Peter Wolters, creating Lapmaster Wolters. Peter Wolters had roots going back as far as 1804.
In 2022, Bison Capital and Angeles Equity Partners acquired the companies parent organization, Precision Surfacing Solutions.
Products include lapping, polishing, bore honing, buffing, grinding, and special purpose machines.