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The city is prone to flooding, especially in springtime due to ice jams on the Welland River. The largest flood occurred in 1954 when water overtopped the canal banks and flooded much of downtown. In more recent years, minor flooding has also affected many residents along the river and canal banks between 1995–2003. Welland was first settled by Loyalists who left their homes after the American Revolution; it was later incorporated as a town in 1858, then became a city in 1915. Since then it has been an important industrial centre for Canada's garment industry (the world's second-largest), with its major industries including GE Lighting (formerly Osram Sylvania) LED lighting systems plant located at 1155 Niagara Street North; CMC Magnetics Corporation which produces magnetic components for wind turbines at 1250 Niagara St North; ATS Automation Tooling Systems Inc., which manufactures automated assembly equipment used primarily within automotive manufacturing plants worldwide located at 1475 Niagara St South & 1001 Victoria Ave West ; Haldex Brake Products Ltd.