1953 – The company was founded by James R. Price, Price Engineering was originally a wholesale distribution company for fluid power components. The business is run out of his parent’s basement.
1955 – Jim’s brother, Thomas E. Price Sr., joined the company.
1957 – Price Engineering is relocated to a storefront in Milwaukee.
Early 1980’s – The company expanded from a 6,000 sq. ft. facility on Bluemound Road in Wauwatosa to a 26,000 facility on Johnson Drive in Waukesha. Jim Price’s daughter, Laurel Price-Portz, and Tom Price Sr.’s son-in-law, Tom Bauman, both joined the business.
1986 – Thomas Price Jr. joined his family as an Engineering Manager in 1986.
1990’s – As customer demand increased, Jim and Tom Sr. decided to expand and offer custom-engineered hydraulic systems and kits. This formula added value and growth to the company. Also, it created steady growth, emphasis on customer service, and custom systems for mobile and industrial markets.
2001 – Price Engineering relocated to the current Hartland location; a 60,000 sq. ft. facility and warehouse.
2003 – Tom Sr. retired on December 31st and his son Tom Jr. took over as a 2nd generation owner.
2012 – Price Engineering opened its first retail location in Oak Creek, Wisconsin called the Price Hose Center.
2013 – The building expands by 14,000 sq. ft. to house it’s service division, Price On-Site. The addition includes a second Price Hose Center storefront, specializing in the sale of fluid power components and parts.
2014 – A third Price Hose Center opens in Appleton, WI.
2015 – Price Engineering acquires Application Equipment, an authorized SKF and Lincoln distributor and integrator.
2016 – Price Engineering acquires Fox Valley Fluid Power of Kaukauna, WI. Application Equipment relocates from Mequon to Jackson, WI. The Cyclone Hydraulic Reservoir is officially launched.
Today, Price Engineering remains a private, family–owned company that is made up of multiple divisions: 1. Mobile, 2. Industrial, 3. Automation and Motion Control, and 4. Service, otherwise known as Price On-Site. Within the Industrial Division is Price Framework, which specializes in extruded aluminum framing and guarding.
Price has always had a `hire for life` approach to business with over 100 employees, 35% of whom have been around for 10 years or more.
“There is a unique difference between a family-owned business and a large corporation or a public company,” Tom Price Jr. says.