Beloit Corporation began in 1858 as a foundry in the Wisconsin city of Beloit and ended in 2000 when it filed for bankruptcy and parts of it were acquired by Metso Paper, a part of Metso Corporation. The Italian affiliate became PMT Italia under the control of the Nugo Group. For much of its history, the trading name was Beloit Iron Works, but it became simply "Beloit Corporation" in 1962.