Oriskany has been home to the Waterbury Mill, which manufactures felts specifically for papermaking, since the 19th century. Henry Waterbury purchased the mill, which was formerly a woolen mill, in 1878. The firm’s original name was H. Waterbury and Sons Company. The company prospered and doubled in size in less than 10 years. Its success is in part to the Mill’s location on the Erie Canal and near the New York Central Railway. The Waterbury Felt Company, as it was later known, was a major employer in the Oriskany region. The Company developed a process to create an endless belt of woven felt which was used in papermaking to dry the paper stock. It closed in 2013.