Tramont Corp. informed state and local officials today that it plans to go out of business effective May 5.
The company will cease operations and close its two Milwaukee facilities as part of a chapter 128 receivership process.
All of the company’s 137 employees will lose their jobs. Some of the employees are represented by the United Electrical, Radio & Machine Workers of America Local 1103.
Tramont is a manufacturer of diesel fuel day tanks and sub base tanks for industrial engine-generators.
“The company has been actively seeking capital over the last several weeks in the hopes that acquiring such capital and investment would allow the company to avoid or postpone this decision,” said Michael Polsky, receiver for the company. “Unfortunately, Tramont has been unsuccessful in these efforts.”
The company anticipates that its assets will be sold as a going concern through the receivership proceedings. Its objective is to secure a sale by which the buyer agrees to hire all or most of the company’s employees, Polsky said.