Monticello / Minnesota / United States
James Harwood and Brad Barger founded Vector Tool and Manufacturing, Inc in October 1988. They had one silent partner who provided additional capital to the start up operation. The majority of machining equipment and tools was purchased from a major paint spray equipment manufacturer, who at the time was downsizing operations. Jim Harwood and Brad Barger negotiated the purchase of the machine shop equipment, the option to retain certain key shop personnel, and a contract to continue manufacturing this companys machined components for a three-year period. This arrangement made it possible for the customer to better control costs. Vector agreed to hold the price on all machined products to historical standard costs for the duration of the agreement. The agreement also gave Vector Tool a guaranteed source of income as a base to build its business. In December 1988, Vector incorporated as a sub-chapter S corporation under the laws of the State of Minnesota and by January 1, 1989, the new company was up, running and shipping parts. Vector leased a building in Dayton, Minnesota that previously had been a machine shop. This was important because the building was set-up electrically to handle the power needed for the machining equipment. This allowed Vector to begin its operations quickly and grow from that point. For six years, Vector Tool continued to grow, update equipment and add several additional Wickman screw machines.
