Essentially correct, according to this source.
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1940
Gas tungsten arc welding (GTAW) had its beginnings from an idea by C.L. Coffin to weld in a nonoxidizing gas atmosphere, which he patented in 1890. The concept was further refined in the late 1920s by H.M.Hobart, who used helium for shielding, and P.K. Devers, who used argon. This process was ideal for welding magnesium and also for welding stainless and aluminum. It was perfected in 1941, patented by Meredith, and named HeliarcŪ welding. It was later licensed to Linde Air Products, where the water-cooled torch was developed. The gas tungsten arc welding process has become one of the most important.
The gas shielded metal arc welding (GMAW) process was successfully developed at Battelle Memorial Institute in 1948 under the sponsorship of the Air Reduction Company. This development utilized the gas shielded arc similar to the gas tungsten arc, but replaced the tungsten electrode with a continuously fed electrode wire. One of the basic changes that made the process more usable was the small-diameter electrode wires and the constant-voltage poser source. This principle had been patented earlier by H.E. Kennedy. The initial introduction of GMAW was for welding nonferrous metals. The high deposition rate led users to try the process on steel. The cost of inert gas was relatively high and the cost savings were not immediately available.
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Welding.com: Resources
I got interested in welding when I was a young kid at Rocketdyne, Division of NAA in the late 1950's. The welders there who used shielded gas welding were using the so-called Heliarc process. They were using DC with helium shielding. They did the finest welding I've ever seen, in particular on the engine ductwork, aluminum for liquid oxygen and stainless steel for fuel. On the steel frames for the engines itself, they used Heliarc and some gas welding. Stick was used for tooling and steel support equipment for the engines such as cradles and lifting equipment.
Oh yeah, lots of stacks of dimes, too! Each weld was x-rayed, hydrostatic tested, and then stamped by the inspector. A very impressive place.