James Foster, an ironmaster, and the engineer John Urpeth Rastrick became partners in 1816, forming the company, Foster, Raistrick &Co., in 1819.

The company built only four locomotives, but is notable for building the Stourbridge Lion in 1829, the first locomotive to be tried in America. This and two others, Delaware and Hudson were sold to the Delaware and Hudson Canal Company . The company was officially dissolved on June 20, 1831, the assets being absorbed into the Stourbridge Iron Works of John Bradley & Co., where James Foster was the major partner and eventual sole owner.