Business briefs [Electrical Apparatus]
(Electrical Apparatus Via Acquire Media NewsEdge) Investment group acquires Shermco Industries
Shermco Industries, Inc., of Irving, Tex., a provider of testing, maintenance, repair, engineering, training, and commissioning services for electrical equipment, motors, and generators, has been acquired by funds managed by the GFI Energy Group of Oaktree Capital Management, L.P.
Oaktree acquired Shermco in partnership with its existing management team, which will continue to serve in the same capacity. Terms of the transaction were not disclosed.
Ron Widup, CEO of Shermco, commented, "Since Shermco's founding, our team has worked tirelessly to deliver best-in-class service and uncompromising safety to our customers. We are excited to be partnering with Oaktree to continue mis strong tradition and welcome the additional resources they bring to pursue our strategic growth plans and targeted acquisitions."
Peter A. Sherman, Shermco's founder, added, "We are very proud of the company we have built since its founding in 1974. I am pleased to be passing the reigns to Ron Widup and Oaktree, and our entire team is looking forward to the next chapter for Shermco."
Michael Cardito, senior vice president of Oaktree's GFI Energy Group, said, "We have long viewed Shermco to be a leader in the electrical equipment. testing, maintenance, repair, and commissioning industry and are thrilled to be partnering with Ron and his team. We are particularly excited to bring additional resources and capital to support Shermco's growm plans and help expand its capacity to serve current and future customers."
Oaktree is a Los Angeles-based global investment management firm focused on alternative markets, with $81.0 billion in assets under management as of Sept. 30, 2012.
W. W. Grainger settles federal labor dispute
W.W. Grainger, the Chicago-based industrial distributor, has settled a longstanding contract dispute with the federal government over disclosure practices. As announced Oct. 16, a discrepancy centered on disclosure language in the General Services Administration and U.S. Postal Service contracts, which were implemented more man 10 years ago.
Grainger maintains that it complied with the disclosure requirements and the contracts in all material respects, and the settlement does not contain any admission of wrongdoing by the company. The contracts account for a portion of the company's overall government business, which represented 17% of its total U.S. revenue in 2011.
WEG supports Argentinian electric car project
WEG, the parent company of motor manufacturer WEG Electric Corp., recently supplied the motor and inverter for an electric vehicle in San Francisco, Argentina. The car, a Fiat Uno, was assembled in conjunction with students of electronics at an Argentinian school. The vehicle can run for two hours without recharging at an average speed of 50 km per hour. WEG additionally provided engineering support during the equipment adjustment phase through its branch in Argentina. -WEG photo
Siemens VFD's chosen for South Dakota plant
Atlanta-based Siemens, in partnership with Fougner Engineered Sales, a supplier of electric equipment and supplies, has been selected by Otter Tail Power Co. to provide two Robicon Perfect Harmony variable-frequency drives for environmental upgrades at the Big Stone Plant, a coal-fired power plant that the company operates in Big Stone City, S.D.
Last May, plant owners Otter Tail Power Co., Montana-Dakota Utilities Co., and Northwestern Energy approved a plan calling for $490 million in environmental retrofits, including a new airquality control system, to be commissioned within five years of the U.S. Environmental Protection Agency's approval of the South Dakota Regional Haze State Implementation Plan.
Two Siemens Robicon Perfect Harmony WCIII drives will support a new dry scrubber to reduce sulfur dioxide. Plans also call for a selective catalytic reduction unit to reduce emissions of nitrogen oxide. According to Otter Tail Power Co., the retrofits are expected to reduce both nitrogen oxide and sulfur dioxide by 80% to 90%.
Ronk chooses New England, New York rep
Ronk Electrical Industries, Inc., of Nokomis, IU., a manufacturer of capacitors, starters, phase converters, and other motor components and accessories, recently welcomed R.M. Clark Associates, Inc., of Milford, Mass., as a new factory representative. R.M. Clark will represent Ronk in Upstate New York, Vermont, Connecticut, New Hampshire, Massachusetts, Maine, and Rhode Island.
Wazee Companies bought by Timken Co.
The Timken Co. of Canton, Ohio, a manufacturer of bearings and other power transmission products, has acquired Denver-based Wazee Companies LLC, a regional provider of motor, generator, wind, and industrial crane services to diverse end markets including oil and gas, wind, agriculture, material handling, and construction.
Wazee had trailing 12-month sales through December 2012 of approximately $30 million. The acquisition brings Timken additional diversified services, including motor rewind, generator rebuild, electric controls, industrial bridge cranes, and uptower wind maintenance and repair, operating from four western U.S. locations.
The purchase includes assets from Wazee 's 201 1 acquisition of H&N Electric, Inc.
Emerson considers Mexico for a new plant
Emerson Process Management, a division of St. Louis-based Emerson Electric Co., is considering Chihuahua, Mexico, as the site for a new manufacturing facility, while keeping Shakopee, Minn., under consideration. Chihuahua has a well-educated workforce and relatively high wages, which makes the two locations relatively similar from a cost perspective, according to the Minneapolis/ St. Paul Business Journal.
Officials from Shakopee, a Minneapolis suburb, are assembling a $6 million incentive package, while Emerson is considering a $31 million investment to buy and renovate an existing building there.
LUDECA launches new logo and slogan
LUDECA, Inc., of Doral, Fla., the provider of laser alignment, vibration analysis, and balancing equipment, has introduced a new company logo, slogan, and mission statement "backed by the same fundamental values on which the company was built," according to the company. The new slogan, "Keep It Running," is intended to indicate "what our condition monitoring solutions are committed to doing, which is keeping manufacturing running and productive," according to Frank 'It is what we have been doing all Seidenthal, LUDECA's president. these years, and it was time to put it in writing."
Edited by Kevin Jones
(c) 2013 Barks Publications
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