Situated at a natural gorge of the Whippany River, several hydraulic powered forges existed, predating the establishment of the ironworks by Stephen Vail and two business partners. Vail became sole owner of the works in 1815 and expanded it, producing a variety of agricultural and industrial machinery. The ironworks innovated the first durable iron tire for railroad locomotives in January 1836. With changing industrial trends and a decline in the flow of the Whippany River, the ironworks were shut down in 1873, its equipment being sold to ironworks in Brooklyn and Coatbridge, Scotland. The remains of the Ironworks buildings burned in 1908, and the property is now a public park.