Texas Company Makes Ideal Acquisition
By Mike Brezonick14 September 2017
Hyundai Ideal Electric Co. announced that the 114-year-old Mansfield, Ohio, manufacturer has been acquired by a privately held affiliate of Gulf Electroquip Ltd. of Houston, Texas. No financial details were provided.
Owned since 2007 by Hyundai Heavy Industries Co. Ltd. of South Korea, Ideal Electric is a global manufacturer of ac generators from 500 kW to 30 MW, synchronous electric motors from 500 to 30,000 hp, induction electric motors from 500 to 7000 hp, along with switchgear and control systems. Ideal’s products are used in a range of applications including industrial, oil, gas and petrochemical, marine, mining, power generation.
“As an electrical engineer myself, I’ve known of, and respected Ideal Electric’s market leadership in power equipment and we are incredibly honored to have this opportunity to renew and extend Ideal Electric’s service to hundreds of marquee customers around the world,” said Jim Petersen, Jr., president and co-founder of Gulf Electroquip along with George Jackson and Nicholas Phillips. “We are all looking forward to this new venture in Ohio and to being a positive member of the community in Mansfield as we roll up our sleeves and get back to work serving the loyal customers of Ideal Electric.”
Under new ownership, many current Ideal Electric associates have retained their positions and additional associates are expected to be hired as the organization ramps up, the company said. Customers of the former Hyundai Ideal Electric Co. will be fully serviced and all warranties will be honored, while orders for parts, service and new and replacement machines will be accepted and fulfilled immediately.
“The industry has admired the Ideal Electric name and the robustness of the products for more than a century,” said Phillips. “We intend to fully support legacy products through a renewed focus on service, parts and repair, while also expanding our product offering with innovative technologies and new commercial partnerships.”