Here is my reconstruction: INESCOP (The Spanish Footwear Institute) released a technical manual in 1954 regarding a machine called the (Sistema de Prensado y Corte—Pressing and Cutting System).
When you put them together, you get a sentence: "Scope in copies Trepa 54." Inescop Sipeco Trepa 54
"Inescop" contains the letters for and "Sipeco" contains * "COPIES." Here is my reconstruction: INESCOP (The Spanish Footwear