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IMI’s Acquisition of Prater Results in Positive Changes

September 8, 2014

Earlier this past summer, as Prater celebrated its 89th Memorial Day of providing its customers with particle processing solutions, employees got word that something new was on the horizon. It was announced that Industrial Magnetics Inc. (IMI), Boyne City, MI, an industry leader in manufacturing engineered, innovative permanent and electromagnetic solutions since 1961, had acquired Prater-Sterling.  

The first customer-friendly measure initiated was to provide open payment terms, which is in stark contrast to cash-in-advance terms that had previously been Prater policy. Other initiatives impacting customers include IMI’s significant capital equipment investments to bolster production capacity and improvements benefitting Prater’s toll processing and laboratory capabilities. Product improvements via design enhancements will continue to emerge through investment in engineering and software technology.   

The Sterling division has also been busy with positive changes. A new logo, website, and a current search to create its own channel partners are all in the works to allow Sterling to step out from the shadows and establish itself as a stand-alone brand.

“Both companies are moving forward intact from a personnel perspective with the exception of the previous owner,” said Shear. “We are closing in on securing a new GM to oversee day-to-day Prater operations. Prater and Sterling are comprised of so many talented and experienced individuals. It has been enjoyable to work alongside them and share ideas and concepts for moving the organization forward on a positive path.”

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Industrial Magnetics Inc.