Big deal? Absolutely, as the acquisition creates a double impact
Earlier this week, WorldWide Electric Corporation announced the acquisition of North American Electric, Inc., in what promises to be an impactful deal for the industry.
The synergies created by this acquisition "places WorldWide Electric among the top-tier companies within its markets," the companies said in a January 8 press release. "It also reinforces WorldWide Electric’s priority of providing its customers the industry’s best service along with adding world-class in-house motor control panel manufacturing capability."
Both companies embrace customer-centricity as a substantial competitive advantage — each provides what can be described as "high-touch, accessible sales support and application expertise, in-stock inventory, excellent distribution channels, and a broad offering of industrial products."
WorldWide Electric President and CEO James Taylor describes the acquisition as a significant win for the customers of both organizations. " We are thrilled to welcome North American Electric’s Team into the WorldWide Electric family. Our shared sense of customer service and the similarities between our two companies will improve the buying experience." Taylor added, "We will adopt best practices across our business to continue to provide the highest level of service and the same high-quality products."
Since 1993, North American Electric has grown its business and reputation by offering its customers competitively priced electric motors, motor controls and gearing. North American Electric operates a UL508A certified facility for motor controls production at their headquarters in Hernando, Mississippi.
David Hackman, Co-founder and President of North American Electric, described the value it brings to WorldWide Electric: "WorldWide Electric recognizes our strengths — exceptional customer service along with the critical technical support and training required for customer success. Adding additional incremental manufacturing capabilities to WorldWide’s portfolio will make custom control panels and packaged solutions available with best-in-class lead times — a value proposition other prominent manufacturers will have difficulty competing against."
With the acquisition of North American Electric, WorldWide Electric is adding to its overall capabilities and market presence. For 25 years, it has been a leading provider of electric motors, motor controls, and gear reducers. This is WorldWide Electric’s fourth acquisition in as many years, including: Louis Allis, a company with a rich history and over 100 years of experience manufacturing and servicing large, custom AC and DC electric motors, Georator Corporation frequency convertors and generators, and Gleason-Avery, a manufacturer of quality fractional and sub-fractional gear motors.
Comments