Standard Machine & Tool was founded in 1931 by two partners in Windsor, Ontario, Canada. In 1935, an unrelated company began operations in Toronto as Modern Tools Works. Staveley Industries, a British company, purchased both Standard Machine & Tool Ltd. and Modern Tool Works Ltd. in 1955. The combined entity was incorporated under the name Standard Modern Tool Company Ltd. with operations in Toronto.

Over the last 83 years ownership has changed but the quality and pride has always been of high importance till this day and as always Standard Modern lathes are still manufacturered in North America.

With over 17,000 Standard Modern installations in North America, Standard Modern lathes are being used extensively in precision, high-tech machine shops, used by both the Canadian and United States military and by many technical colleges and trade schools.