Elkhorn-based
Reader Precision Solutions, the parent company of
Precision Plus and
Iseli Precision, is relocating its headquarters and consolidating operations into a new building located at 555 Koopman Lane.
The building was purchased for $7.65 million, state records show.
The company plans to invest $6 million to refurbish the 110,000-square-foot facility, according to a Tuesday announcement. A ceremonial groundbreaking for the project was held earlier this week.
The current Iseli Precision facility is currently located about 12 miles away in Walworth and the Reader Precision Solutions facility is a a half mile to the north, also on Koopman Lane.
“Today marks the beginning of the next chapter in our evolution. This 110,000-square-foot building will provide ample space for our growth and help us solidify our position as an industry leader," said
Michael Reader, owner and CEO of Reader Precision. "Together, we will implement a unified strategy under the Reader Precision Solutions name, streamlining our operations and enhancing our efficiency."
The decision to relocate Reader Precision Solutions' headquarters was due to the business experiencing continued organic growth, which was bolstered by the acquisition of Iseli Precision
last May, according to the announcement.
Iseli Precision is a supplier of Swiss-screw machine products and Precision Plus is a contract manufacturer of precision parts.
"The acquisition and subsequent relocation embody the company’s dedication to building and continuing a strong legacy of Swiss machining excellence, innovation, and next generation workforce development in southeast Wisconsin," reads the announcement.
The company anticipates being able to move into the new headquarters building by the end of the year.
