Ideal Electric, a manufacturer of electric motors and generators, switchgear and control systems for industrial applications, including within the cement industry, has been acquired by a privately-held affiliate of Gulf Electroquip Ltd. The company has formerly been owned by South Korean industrial conglomerate, Hyundai Heavy Industries.
The new owners has worked to ensure the change in ownership has little impact on the business, maintaining many of Ideal Electrics employees and continuing to service existing companies.
In addition to this, the new owners will support company growth and product development.
“We intend to fully support legacy products through a renewed focus on service, parts, and repair, while also expanding our product offering with innovative technologies and new commercial partnerships,” said Nicholas Phillips, part of the new ownership team at Ideal Electric.
The purchase of Ideal Electric returns it to private hands, allowing “all options to be on the table as the company is re-imagined in the globally competitive marketplace,” the company said in the press release announcing the new ownership.
“We are incredibly honoured to have this opportunity to renew and extend Ideal Electric’s service to hundreds of marquee customers around the world,” concluded Jim Peterson, President of Gulf Electroquip. “We are looking forward to his new venture in Ohio, and to being a positive member of the community in Mansfield, as we roll up our sleeves and get back to work serving the loyal customers of Ideal Electric.”
Read the article online at: https://www.worldcement.com/product-news/15092017/ideal-electric-acquired-by-gulf-electroquip/