Egan Acquires Industrial Electric Company
Brooklyn Park-based Egan Company announced Tuesday that it has acquired Minneapolis-based Industrial Electric Company.
Terms of the deal, which closed on June 17, were not disclosed.
Industrial Electric Company is 92 years old and offers electrical services for the commercial, industrial, and institutional sectors. Egan, which was founded in 1945, is a specialty contractor that employs more than 600 people.
Egan said in a press release that 13 Industrial Electric Company employees will join the company's corporate offices, and 35 field personnel will also join the company. There were no layoffs as a result of the acquisition.
Gary Novak, president of Industrial Electric Company, has retired and will remain a consultant for the company for an unspecified time period, Egan spokesman Phil Fischer told Twin Cities Business.
“By adding Industrial Electric's experience, markets served, and customer base to our existing industrial controls business unit, it also strengthens our position as a leader in systems integration and plant productivity improvement,” Jim Malecha, Egan president and CEO, said in a statement.