Menomonee Falls manufacturer Ultra Tool plans expansion
Village Board approves industrial revenue bonds for Ultra Tool
Menomonee Falls — Village officials on Monday approved the issuance of industrial revenue bonds to Ultra Tool & Manufacturing to allow for an expansion of its facility on Ridgewood Drive.
The board issued the bonds at no risk to the village to help finance the $5 million project that would add 20,000 square feet to the facility located at N5954 Ridgewood Drive. The village is not a lender or guarantor of the bond debt, Village Trustee Sharon Ellis said. The bonds allow Ultra Tool to pay a lower interest rate to the investors that buy the bonds.
The expansion of the manufacturer's current 43,000-square-foot facility has the potential to create 10 new positions, Ultra Tool owner Terry Hanson said during a presentation to the board. Ultra Tool was one of two businesses selected to be featured during Business Works Here, a new series created to highlight different local businesses at the Village Board level once a month.
Hanson said his company wants to expand once more so they can begin to produce larger parts for existing customers, which they currently do not have the capacity to build.
Ultra Tool was founded in Menomonee Falls in 1969 by Lloyd Hanson. The company's first facility was 8,100-square-feet. Ultra Tool now has two facilities — one at 43,000 square feet that will be expanded, the other at 31,000 square feet.
The company has 105 employees. It started as primarily a tool and die company and has built parts for Harley-Davidson since its inception. The company now does metal stamping, tooling and fabrication.
The recent challenge for the company has been finding qualified employees.
"It's a struggle right now to find tool makers and skilled help," Hanson said. "It's a challenge."
He said the company has a positive working relationship with local schools, including WCTC, to recruit a skilled work force.
Village President Randy Newman said Ultra Tool is the perfect example of a business they want to showcase, as it is multigenerational company that has been in the village for more than 40 years.
"You certainly are an asset," he said.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Menomonee Falls Police report: October 2, 2014
- Menomonee Falls employees, district to see slight increase to premiums
- Ben Franklin Elementary receives significant facility improvements
- Enter Halloween contest to win tickets to Legends & Lore
- Menomonee Falls students learn about medicine, themselves at Community Memorial Hospital
- Menomonee Falls Police report: September 25, 2014
- Plans confirmed for modern industrial development in Menomonee Falls
- Small plane crashes in Lannon
- Kohl's announces holiday hiring plans
- Menomonee Falls Police report: September 18, 2014