In 1914, German born Max Becker formed the Perfect Knitting Mills Ltd. (P.K. Mills Ltd.) in Listowel, Ontario. In 1927 P.K. was sold to Mercury Mills, and the official name was changed to Maitland Spinning Mills, although the P.K. brand continued well into the 1940s.
Knitting fell from popularity after World War II, and Maitland Spinning Mills was scheduled to close on September 5, 1952 when a former employee of the company, David D. Hay, and some investor associates, bought the company and renamed it Spinrite Yarns and Dyers Ltd. Although no longer owned by Hay, the Canadian owned company continues to operate to this day.