MASSILLON, February 19, 2011—In December, 2009, industrial services provider MISCOR Group announced the initiation of a comprehensive restructuring plan designed to refocus the Company on its core industrial services business. The announced plan included a number of organizational changes and the sale of non-core businesses in its Rail Services and Construction Services segments. Today CEO Michael P. Moore announced the Company has fundamentally executed on the plan.
In December, 2009 MISCOR completed the sale of its AMP-Montreal business unit, one of its businesses in the Rail Services segment. On February 9, 2010, the Company announced the sale of its Martell Electric and Ideal Consolidated business units, followed in March, 2010 by the sale of its wholly owned subsidiary, American Motive Power (AMP), located in Dansville, N.Y. At this time the remaining non-core HKEC business is still being Held for Sale. With completion of these sales, MISCOR’s remaining subsidiaries are aligned with the Company’s refocused business strategy, which includes an emphasis on maintenance, repair, remanufacturing and manufacturing of electrical-mechanical equipment for customers in the industrial and utility industries through its Magnetech Industrial Services subsidiary.
To further support the Company’s focus on the industrial services segment, MISCOR previously announced the planned relocation of its headquarters from South Bend, Ind. to Massillon, Ohio, to align the headquarters with the largest facility within the company. As of June 2010, this relocation was completed.
“As a result of our refocused business strategy, MISCOR and its subsidiary Magnetech Industrial Services are appropriately aligned to achieve sustainable long-term growth and profitability,” said Michael P. Moore, CEO of MISCOR Group. “We are encouraged by the upward trend in our business levels. With the completion of our restructuring plan, we feel we are on firm financial footing for the long term.”
Additional sales staff has been added to take advantage of the economic upturn. David Koch joined Magnetech in October, 2010 as Business Development – Magnet Sales and Service. Additionally, David Neal and Randy Vickers have been added as sales representatives through Magnetech’s Saraland, Ala. and Huntington, W.Va. service centers, respectively.