LANCASTER, Pa., Aug. 1, 2024 /PRNewswire/ — Electron Power Company (“EEC”) has joined Magnetic Holdings, LLC, the father or mother corporate of Dexter Magnetic Applied sciences (“Dexter”) and Magnetic Detail Engineering (“MCE”). Magnetic Holdings is a portfolio corporate of Tinicum.
The Walmer nation, who based EEC as the arena’s first producer of samarium cobalt magnets in 1970, retained an important minority passion in Magnetic Holdings, and Michael Walmer, its Chairman and CEO, joined the Magnetic Holdings board of administrators. Monetary phrases of the transaction weren’t disclosed.
The transaction creates a bunch of everlasting magnet corporations, each and every with distinctive and complementary functions to resolve consumers’ maximum hard demanding situations. The companies of Magnetic Holdings jointly have just about 500 workers, and over 200,000 sq. toes of producing area, serving vital programs for aerospace, protection, clinical, semiconductor, power, and business consumers.
The corporations of Magnetic Holdings will collaborate to lend built-in answers, using probably the most technically complicated uncooked fabrics, world-class magnet fabrication and meeting functions, and experience in designing and growing custom designed high-performance motors and electromechanical elements, all supported through one of the most biggest technical engineering and industrial groups within the business. Additionally, Magnetic Holdings now has 4 extremely succesful amenities in 3 distinct places and a vertically built-in production procedure, developing a powerful and resilient provide chain.
Magnetic Holdings is sponsored through Tinicum, which has over $2.4 billion of dedicated capital, offering the monetary, operational, and strategic assets to develop and the stableness that comes from its long-term possession philosophy.
Mr. Walmer said, “In 54 years, EEC has grown from two people with a great vision and little resources to a team of 150 committed and talented individuals serving our specialized markets with strength. EEC will continue to find new opportunities to do what has never been done before in support of space exploration, aviation, defense, medical and energy initiatives. Our growth will be enhanced by this new, dynamic relationship with these strong partners. This growth enables EEC to keep pace with increasing vital customer demand, providing continual purposeful work for our employees.”
He persevered, “After exploring partnerships with firms that are also rooted in and appreciate the advantages of our family-run culture, we found one that stands out as extremely well aligned with our values: Tinicum. Both Tinicum and EEC are led by their founding families, ensuring a continuation of vision for the future and legacy for the long term. Moreover, Magnetic Holdings now features three of the strongest, most entrepreneurial magnet companies in the United States. Together, each company will benefit from collaboration within Magnetic Holdings, the strength and scale of the larger enterprise, and the capital resources of Tinicum, while also maintaining agility and vitality in each of our respective markets. Based on our talent and creative spark, we know that EEC will continue to engineer solutions for a healthy, secure nation and for the challenges of a dynamic world for generations to come.”
Joe Stupfel, CEO of Magnetic Holdings, said, “We are thrilled to join forces with EEC, a firm whose capabilities, employees, and leadership we hold in the highest regard. We are excited to now be able to offer our customers a comprehensive solution—unique in the magnetics industry—with the ability to design and produce custom samarium cobalt formulations, manufacture magnetics with world class speed, precision, and quality, and engineer, design and build assemblies and motors customized to customer applications.”
Stupfel added, “Our employees are our most important asset. Investing in their careers and personal development not only benefits them but increases capabilities of our businesses. The larger size of our business creates opportunities for all the employees of Dexter, EEC, and MCE to grow. We strive to attract and retain the best talent in the magnetics industry and to be the employer of choice in each market in which we operate.”
Affluent prosperous Dosik, spouse at Tinicum, said, “We are thrilled to partner with the Walmer family and the team at EEC, and we are honored that they have entrusted us with their business. We have the utmost respect and admiration for EEC. As we have done at both Dexter and MCE, we are excited to continue to make significant investments into EEC to help them grow as we build Magnetic Holdings for the long term.”
About EEC
EEC is a professional developer and American manufacturer of uncommon earth magnets serving the worldwide aerospace, protection, power, clinical and semiconductor markets. Based in 1970 through Marlin Walmer, EEC is headquartered in Pennsylvania and is the one vertically built-in American producer of DFARS- and ITAR-compliant samarium cobalt magnets. EEC’s talent to keep an eye on subject matter compositions lets in for personalisation and exact keep an eye on of magnetic homes. Engineers at EEC collaborate with consumers to plot answers and allow programs that have been prior to now no longer imaginable. For more info about EEC, seek advice from www.electronenergy.com.
About Dexter
Dexter supplies specialised magnetic elements and assemblies for significance in hard programs within the clinical, aerospace, protection, semiconductor production, oil and fuel, and business finish markets. Dexter has been fixing advanced buyer demanding situations since 1951 and manufactures its merchandise at its headquarters in Elk Grove Village, Illinois. Dexter manufactures DFARS- and ITAR-compliant merchandise and holds AS9100D, ISO13485, and ISO9001 certifications. For more info about Dexter, seek advice from www.dextermag.com.
About MCE
MCE manufactures everlasting magnets and magnet assemblies for probably the most hard programs for aerospace, protection, clinical, and business generation consumers. MCE manufactures DFARS- and ITAR-compliant merchandise and holds AS9100D and ISO9001 certifications. For more info about MCE, seek advice from www.mceproducts.com.
About Tinicum
Tinicum, based in 1974 as a nation funding place of business, is a personal partnership that manages a varied team of business production, distribution, and generation corporations. Primarily based in Unutilized York, Tinicum additionally has places of work in San Francisco, Houston, and Frankfurt. For more info about Tinicum, seek advice from www.tinicum.com.
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SOURCE Magnetic Holdings, LLC
