Proponents of deal say acquisition will improve magnet company’s reach.
Private equity firm Alliance Holdings Inc., Abington, Pa., has acquired equipment company Walker Magnetics Group Inc., Worcester, Mass. Alliance Holdings says it will retain key Walker Magnetics Group managers.
“Walker actively and methodically sought out a partner to help us develop and implement cutting-edge strategies to significantly improve business processes and build a stronger company,” says Dick Longo, president and CEO of Walker Magnetic. “Alliance Holdings has an impressive track record of strengthening companies. Its financial and operational expertise will make Walker Magnetics better equipped to identify new opportunities and increase sales throughout the world."
Long continues, “The new Walker Magnetics will be uniquely positioned to continue the revival of American manufacturing for the domestic and international machine tool, scrap, steel, mining and recycling industries. Everyone at Walker is looking forward to the next chapter in our rich history.”
Kenneth Wanko, president and CEO of Alliance, says, “We are excited to add Walker Magnetics Group to our diversified portfolio of operating companies. Walker Magnetics' position as an industry leader in innovative product solutions and outstanding customer service will be reinforced through additional financial and strategic resources. The company will be solidly positioned for growth through enhanced research, development, marketing and sales of exceptional products globally.”
Walker Magnetics Group provides custom design and manufacturing of magnetic products for work-holding, material handling and separation applications, including applications within the scrap recycling industry.