Egan Acquires Industrial Electric Company
June 20, 2011
MINNEAPOLIS, MN (June 20, 2011) – Egan Company announced the acquisition of Industrial Electric Company (IEC), a 92-year old company offering complete electrical services for the commercial, industrial, institutional sector including power, water treatment, and ethanol plants and specializing in industrial automation for agribusiness, food processing, and conveyance.
The acquisition of IEC further expands Egan’s presence in the industrial controls market while at the same time enhancing the Company’s range of products, application knowledge and industry specific capabilities.
“By adding Industrial Electric’s experience, markets served, and customer base to our existing Industrial Controls business unit, it also strengthens our position as a leader in systems integration, and plant productivity improvement,” said Jim Malecha, Egan President & CEO.
The acquisition is expected to have a significant impact on the manufacturing and production facilities market. Producers of food and beverage products, specialty chemicals, rubber and paper products, and any company involved in material handling/conveyance should see additional benefits from the resources of the new combined organization, according to Malecha.
Approximately 13 IEC employees will move into Egan’s corporate office in Brooklyn Park and 35 field personnel will join Egan. IEC President, Gary Novak, will step away from the day-to-day activity and remain a consultant for an unspecified time period.
With a history dating back to 1945, Egan is one of the largest specialty contractors in the United States, employing approximately 600 people, and representing 18 trade unions in Minnesota. The company offers mechanical, electrical, plumbing, automation systems, controls, fire/life/safety, and curtainwall/glass construction and services.
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