Generac Power Systems Acquires Magnum Products
October 03 2011 - 4:30PM
Business Wire
Generac Power Systems announced Monday that it has acquired
Magnum Products, a leading manufacturer of high-quality light
towers and mobile generators. The acquisition combines Magnum’s 23
years of experience with Generac’s 52 years of power expertise to
create a stronger, larger company with broadened product offerings
and expanded distribution channels. The transaction was completed
today.
Magnum will function as a standalone business, continuing
operations out of its facilities in Berlin, Wis. Generac will
maintain the Magnum brand and the companies will together employ
more than 1,800 people throughout Wisconsin.
Generac, a subsidiary of Generac Holdings, Inc. (NYSE: GNRC), is
a leading producer of commercial and industrial portable and
standby generators. Magnum is the number one light tower
manufacturer in North America, with a growing market share in the
power rental and mobile generator market; it was privately
held.
“Magnum is an outstanding strategic fit for Generac’s business,”
said Aaron Jagdfeld, president and chief executive officer of
Generac. “This acquisition brings together two of Wisconsin’s
leading manufacturers to better serve customers. We are very
excited about what we will achieve through our combined efforts in
engineering, sales, and service.”
Magnum was owned by its retiring founder and chairman, Tom
Joseph. “Both companies have earned outstanding reputations in
their respective market places and the combined company will be
very powerful. Magnum and Generac have a bright future, and
Magnum’s outstanding leadership team will execute a seamless
transition under Generac’s ownership.”
Magnum’s management team will continue to lead the company.
Generac and Magnum will share best practices including global
sourcing and vertical manufacturing.
About Generac (NYSE: GNRC)
Since 1959, Generac has been a leading manufacturer of backup
power generation products serving residential, light commercial and
industrial markets. Generac’s power systems range in output from
800 watts to 9 megawatts and are available through a broad network
of independent dealers, retailers and wholesalers. Generac is
committed to developing a long-term vision that promotes
environmentally responsible products, processes and partnerships
and strives to be a positive contributor of sustainable growth in
the backup power generation industry. For more information on
Generac, please visit www.Generac.com. Follow Generac on Twitter
@generacpowersys. Become a fan on Facebook at
www.facebook.com/generacpowersystem.
About Magnum Products, LLC
Magnum Products, LLC is a supplier of powerful, high quality
light towers, mobile generators, trash pumps, water trailers and
combination power units for a variety of industries and specialties
including construction, energy, mining, government, military, and
special events. The Company’s products have been distributed
through international, national and regional equipment rental
companies, equipment dealers and construction companies.
Generac (NYSE:GNRC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Generac (NYSE:GNRC)
Historical Stock Chart
From Jul 2023 to Jul 2024