Industrial Magnetics Acquires Prater-Sterling
This strategy moves toward a “one stop shop” of engineered solutions for shared customers and channel partners.
Posted: November 19, 2014
Bud Shear, the chief executive officer of Industrial Magnetics, Inc. (IMI; Boyne City, MI), states, “IMI and Prater-Sterling (Boilingbrook, IL) share many of the same key customers and channel partners and both companies have successfully carved out a niche in providing engineered solutions. The efficiencies to be gained from a design and manufacturing perspective will be beneficial to the entire customer population. This is a strategic acquisition that makes sound business sense for these and other reasons.”
With over 140 years of combined market presence, Shear says the new company is dedicated to ensuring that – ultimately – the users of both companies’ auxiliary processing equipment reap the benefits of this acquisition.
“We both have a broad book of knowledge in the markets we serve, and sharing that knowledge to make sensible improvements and provide best-in-class product will continue to be the goal. Our products can be found in close proximity to one another in a process stream. They are designed to ensure more efficiency in operations and a superior, cleaner end-product. We believe this synergy gives the user the opportunity to move towards a ‘one stop shop’ mentality since we will have more to offer through the entire product lifecycle.”
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