Located in Bridgeport, Connecticut, the shipyard was founded in 1912 and was active until 1924. It only built submarines for the U.S. Navy, and most of the submarines were completed between 1918 and 1922. Lake Torpedo Boar Company was competing with Electric Boat Company until financial difficulties led to the company's demise. The U.S. Navy ceased awarding contracts to the shipyard shortly before it went out of business, partly because its S-class submarine design was not selected for further production. Sadly, all Lake Torpedo Boat Company employees were exposed to asbestos on the job daily, as the mineral started being heavily used by the shipbuilding industry in the early 1920s. If you are a former employee, pay close attention to the health of your lungs.