This company was originally founded as Preco Inc. in Los Angeles, CA in the early 1940's as a manufacturer of bench-type molding presses for laminating documents and identification cards. Early on, the company changed its name to Pasadena Hydraulics Inc. or simply PHI. The company expanded its capabilities and markets by producing larger presses and incorporating new technologies. In 1977, PHI became a division of Tulip Corporation. In 1990, PHI-Tulip moved from their facility in Los Angeles, CA, to the City of Industry, CA. In 2014, PHI and Tulip Corp. separated into two distinct companies and PHI became an employee-owned company.