The city of Torrance, California, was founded in 1912 by Jared S. Torrance. The real estate that the city was built upon was originally designed for industrial use with a residential area for the workers. This setup worked extremely well for its residents and they decided the new city would be named after the founder, hence the naming of the city Torrance. It was known early in its history that the area was rich in resources and had the potential for development. That particular industry was not embraced as quickly as other industries but as soon as the first petroleum started to make its way out of that California city, there was a sudden increase in the interest of Torrance residents. This new discovery, during the early 20th Century, was a big hit for the city as it brought in new residents and allowed for expansion of the city. As the industry grew, the city grew just as quickly and was soon one of the larger cities on the West Coast. Torrance is now home to many companies that started during the early 20th century that took advantage of the increase in population. The residential industry took off in a boom with the increase in population and continued to be an attractive market over the years. Many other industries have claimed Torrance home, including major retail outlets and quite a few light industrial companies. As Torrance grew, it became one of the larger centers for the distribution of light industrial supplies. Some of the products that come out of Torrance include produce, helicopters, petroleum products, chemicals, plastics, computers, and electronic equipment. The increased number of industries that Torrance encompassed lead to many larger corporations wanting part of the action. The city is now home to many headquarters of large corporate companies with locations throughout the United States and the world. Torrance is home to many large attractions that are worth a visit, including the Torrance Cultural Arts Center, the Torrance Historical Museum, the Madrona Marsh (a freshwater nature preserve), and such annual events as the Daily Breeze International Festival.