Industrial Magnetics Inc. (IMI), Boyne City, MI, announces the acquisition of Prater-Sterling, Bolingbrook, IL.
Since 1961, IMI has been an industry leader in engineered, innovative permanent and electromagnetic solutions to meet the specific needs of its customers, from particle separation to material handling. Prater-Sterling specializes in developing and manufacturing state-of-the-art equipment in size reduction, separation, metering, compacting, and batch weighing, as well as control systems for a vast range of applications including food processing, chemical and agriculture, minerals, and pharmaceuticals.
“IMI and Prater-Sterling share many of the same key customers and channel partners, both companies have successfully carved out a niche in providing engineered solutions, and the efficiencies to be gained from a design and manufacturing perspective will be beneficial to the entire customer population,” said to Bud Shear, CEO of IMI. “This is a strategic acquisition that makes sound business sense for these and many other reasons.”
Shear says that with more than 140 years of combined market presence, the new company is dedicated to ensuring that, ultimately, the users of both companies’ auxiliary processing equipment reap the benefits of this acquisition.
“IMI and Prater-Sterling have a broad book of knowledge in the markets we serve, and sharing that knowledge to make sensible improvements and provide best-in-class product will continue to be the goal,” said Shear. “Our products can be found in close proximity to one another in a process stream. They are designed to ensure more efficiency in operations and a superior, cleaner end-product. We believe this synergy gives the user the opportunity to move towards a ‘one stop shop’ mentality since we will have more to offer through the entire product lifecycle.”