Elkhorn-based
Precision Plus Inc., a contract manufacturer of precision parts, has acquired Walworth-based
Iseli Company, a supplier of Swiss-screw machine products for clients nationally. Terms of the deal were not disclosed.
Following the acquisition, both companies will become wholly owned subsidiaries of newly formed parent company Reader Precision Solutions. Iseli Company’s name will change to Iseli Precision.
Precision Plus decided to pursue the acquisition of Iseli Precision in an effort to become one of the country’s largest Swiss precision machining groups. Iseli Company operates more than 350 Swiss-Type Cam and CNC Lathes at its 10,000-square-foot facility, located at 402 N. Main St. in Walworth
“This is an exciting time for everyone associated with Iseli Precision, Precision Plus, and Reader Precision Solutions,” said
Michael J Reader, president and owner of Precision Plus. “This acquisition brings together two well-established industry leaders in Walworth County. We could not ignore the opportunity presented and immediately recognized the synergies this would deliver to our combined clients. We are two legacies, once connected in the distant past, reunited and better together.”
Carey Luiting, general manager of Iseli Precision, said the company’s client base and manufacturing legacy “blend seamlessly” with Precision Plus’ culture, workplace development and investments in the next generation of manufacturing workers.
“Iseli has a long history and talent for designing Swiss cam layouts and cam cutting. This rare, internal capability will prove to be a competitive advantage going forward as other Swiss cam houses discover there are no great options out there,” said Luiting. “Combining Iseli’s strengths in cam technology with Precision Plus’ expertise in highly engineered Swiss CNC and CNC turning and milling solutions makes for a perfect complementary match.”
