An ultimate key requires an Ultimate installation; you cannot use anytime upgrade and you cannot simply change the Home Premium key and suddenly have Ultimate.
You should be able to download the Ultimate ISO from MSDN where you got the key. Or you should be able to download Win7 Pro from the links
HERE and then follow the instructions
HERE to modify it and then burn the ISO.
Make note that special programs installed by the manufacturer will not be on the official W7 release and so they will need to be gotten from the manufacturer, replaced with alternatives, or sacrificed.