Integrated Electrical Services Acquires Calumet Armature & Electric
A wholly owned subsidiary of Integrated Electrical Services, Inc. has acquired all of the membership interests of Calumet Armature & Electric, LLC, an Illinois-based provider of design, manufacturing, assembly, and repair services of electric motors for the industrial and mass transit markets. Calumet will operate as a subsidiary in IES' Infrastructure Solutions segment and will continue to operate under the Calumet name.
"Calumet allows us to enhance our industrial footprint in the greater Chicago area and, given Calumet's expertise in manufacturing new armatures, supports our targeted growth into the mass transit market," said Mike Rice, president of IES' Infrastructure Solutions segment. "I'm excited to welcome both Hugh Scott, whose father founded Calumet in 1956, and Joe DeLaurentis, who has worked at Calumet since 1987, to IES. We're fortunate to have Hugh not only continue in a leadership role with Calumet, but also to assist in the transition of day-to-day responsibilities to Joe. I'm also thrilled to have someone of Joe's experience level to manage the continued growth and execution of Calumet."
Hugh Scott, president of Calumet, said, "This was a great opportunity to partner with an organization that shares our long-term commitment to providing superior services and products to its customers. We are excited to join IES and to strengthen and enhance our position in the industrial and mass transit markets."
Robert Lewey, president of IES, stated, "The acquisition of Calumet is consistent with our previously outlined strategy to use our cash to complete bolt-on acquisitions that enhance and expand our capabilities. Calumet, along with the May 2015 acquisition of Southern Rewinding, will accelerate the use of our substantial net operating loss carryforwards."
