LANCASTER, Pa., Aug. 1, 2024 /PRNewswire/ -- Electron Energy
Corporation ("EEC") has joined Magnetic Holdings, LLC, the parent
company of Dexter Magnetic Technologies ("Dexter") and Magnetic
Component Engineering ("MCE"). Magnetic
Holdings is a portfolio company of Tinicum.
The Walmer family, who founded EEC as the world's first
manufacturer of samarium cobalt magnets in 1970, retained a
significant minority interest in Magnetic Holdings, and
Michael Walmer, its Chairman and CEO, joined the Magnetic
Holdings board of directors. Financial terms of the transaction
were not disclosed.
The transaction creates a group of leading permanent magnet
firms, each with unique and complementary capabilities to solve
customers' most demanding challenges. The businesses of Magnetic
Holdings collectively have nearly 500 employees, and over 200,000
square feet of manufacturing space, serving critical applications
for aerospace, defense, medical, semiconductor, energy, and
industrial customers.
The companies of Magnetic Holdings will collaborate to provide
integrated solutions, utilizing the most technically advanced raw
materials, world-class magnet fabrication and assembly
capabilities, and expertise in designing and developing customized
high-performance motors and electromechanical components, all
supported by one of the largest technical engineering and
commercial teams in the industry. Moreover, Magnetic Holdings now
has four highly capable facilities in three distinct locations and
a vertically integrated manufacturing process, creating a robust
and resilient supply chain.
Magnetic Holdings is backed by Tinicum, which has over
$2.4 billion of committed capital,
providing the financial, operational, and strategic resources to
grow and the stability that comes from its long-term ownership
philosophy.
Mr. Walmer stated, "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 continued, "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, stated, "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."
Rich Dosik, partner at Tinicum, stated,
"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 an expert developer and leading
American producer of rare earth magnets serving the global
aerospace, defense, energy, medical and semiconductor markets.
Founded in 1970 by Marlin Walmer,
EEC is headquartered in Pennsylvania and is the only vertically
integrated American manufacturer of DFARS- and ITAR-compliant
samarium cobalt magnets. EEC's ability to control material
compositions allows for customization and precise control of
magnetic properties. Engineers at EEC collaborate with customers to
devise solutions and enable applications that were previously not
possible. For more information about
EEC, visit www.electronenergy.com.
About Dexter
Dexter provides specialized magnetic
components and assemblies for use in demanding applications in the
medical, aerospace, defense, semiconductor manufacturing, oil and
gas, and industrial end markets. Dexter has been solving complex
customer challenges since 1951 and manufactures its products at its
headquarters in Elk Grove Village,
Illinois. Dexter manufactures DFARS- and ITAR-compliant
products and holds AS9100D, ISO13485, and ISO9001 certifications.
For more information about Dexter,
visit www.dextermag.com.
About MCE
MCE manufactures permanent magnets and
magnet assemblies for the most demanding applications for
aerospace, defense, medical, and industrial technology
customers. MCE manufactures DFARS- and ITAR-compliant products
and holds AS9100D and ISO9001 certifications. For more information
about MCE, visit www.mceproducts.com.
About Tinicum
Tinicum, founded in 1974 as a
family investment office, is a private partnership that manages a
diversified group of industrial manufacturing, distribution, and
technology companies. Based in New
York, Tinicum also has
offices in San Francisco,
Houston, and Frankfurt. For more information about
Tinicum, visit
www.tinicum.com.
Media Contact:
Roger Mountford, Vice President of
Sales & Marketing
rmountford@dextermag.com
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