Modern Machine Shop

SEP 2018

Modern Machine Shop is focused on all aspects of metalworking technology - Providing the new product technologies; process solutions; supplier listings; business management; networking; and event information that companies need to be competitive.

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MMS SEPTEMBER 2018 86 TOP SHOPS adding CNC Swiss-type lathes. We currently perform centerless grinding of small-diameter barstock for some Swiss-type shops, so we would not want it to seem as if we're competing with them. However, there might be opportunities for us to win new work if we have larger-capacity Swiss-types." HUMAN RESOURCES: Employee Investment Pays Off Kylan Hastreiter, vice president—marketing and development of Hastreiter Industries ( hastreiter. industries ), says people represent the core of this Marshfield, Wisconsin, job shop and are the key reason for its growth. Hastreiter Industries' investments in its employees and its community make the shop this year's winner in the human resources category. Formerly known as UTM Inc., Hastreiter Industries was founded in 1988 by Ken and Sondra Hastreiter with a single, manual lathe. The company had remained primarily a turning shop, having three CNC turning centers and only one supporting three-axis mill. "However, we realized that to grow, we needed to have produc- tion milling capability, too," Kylan Hastreiter says. "In 2016, the same year that my brother Keegan and I joined our parent's company, the shop purchased a five-axis machine with an eye toward re-entering the aerospace market, one we hadn't been ser ving for more than 20 years. Ultimately, the capability to do complex contouring work as well as positioning in five axes to minimize setups—now with two such machines—enabled us to win aerospace as well as defense work." At that time, there was only one other employee besides the four Hastreiters. Today, the shop employs 11, including the owners. In fact, Mr. Hastreiter says they are continually approached by those in the area who want to work for the company. One reason is the unique way the shop helps ensure its employees will be financially stable after retiring. On top of whatever hourly wage an employee receives, Hastreiter Industries adds 25 percent of that to the employee's retirement account. Therefore, an employee who stays with the company through retirement will end up with a nice nest egg from which to live. "Only 13 percent of people save the recom- mended 20 percent of income for retirement," Mr. Hastreiter explains. "We don't want a situation in which only a small fraction of our workforce is truly prepared for retirement. We want to set them up for the long term." For example, if at age 20 a person starts at $15 per hour and retires at age 61 making $26.50 per hour, he or she would have a retirement account valued at approximately $2.78 million thanks to compounding of the $460,000 contribution (assuming a historical average annual stock MEASURED SUCCESS These four men and others will present at the Top Shops Workshop at IMTS. Learn more at . Hastreiter Industries helps ensure its employees will be financially stable after retiring by adding 25 percent on top of whatever hourly wage an employee receives to that person's retirement account.

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