Industrial Magnetics, Inc. Attains Record Deliveries in 2019 Contributing to a Decade of Growth
IMI's chief business development officer discusses how key acquisitions, re-shoring assembly and manufacturing, and founding principles have all contributed to a decade of growth for the company as they gear up for their 60th year.
Boyne City, Mich. (PRweb) February 26, 2020 - Industrial Magnetics, Inc., a designer and manufacturer of magnetic products, recently announced that 2019 set another record for the company’s deliveries.
IMI processed a record 19,218 orders and manufactured over 1.5M parts - with an on-time delivery rate of 98.2%, all while producing and shipping more product from their USA facility than ever before.
Dennis O’Leary, IMI's chief business development officer states, “We have continued to be bold on re-shoring as much assembly and manufacturing work as possible from the Pacific Rim, and we were able to accomplish this in tandem with increasing our efficiency, throughput and profitability - three internal target areas for success which allow us to continue investing in our future growth.”
He continues, "When IMI was established in 1961, it was founded with a pretty simple goal in mind - know the customer and the application, manufacture the best solution and deliver it as promised. A lot has changed, but we still believe our success is rooted in striving for this goal. Our staff, channel partners and customers are all responsible for the results we’ve been fortunate to attain.”
Over the past decade, the company has seen revenue double, due in part to three successful acquisitions.
In 2014, IMI acquired Prater Industries and Sterling Systems & Controls, manufacturers of bulk processing equipment for particle size reduction, enlargement, feeding and separation, and process equipment hardware and software automation.
2017 saw the addition of Javelin Manufacturing: designers, engineers, and manufacturers of eddy current separators and engineered systems utilized in the scrap, recycling, waste, scrap and mining industries.
Finally, in 2019, IMI purchased Clamp Manufacturing, the creator of the Kant-Twist® Clamp and No-Mar® Hammer product lines used in metalworking, welding, assembly, and general manufacturing applications.
"We continue to search for meaningful additions to our platform brands as we enter the ‘20’s," states O'Leary, "and look forward to gearing up for our 60th anniversary in 2021."
For more information on IMI or any of their product lines, please visit http://www.magnetics.com, http://www.praterindustries.com and http://www.sterlingcontrols.com, or contact 800.662.4638.
About IMI:
Since 1961, Industrial Magnetics, Inc., has been an industry leader providing innovative permanent and electromagnetic solutions to meet the exact needs of any application. For additional information or to request a catalog, visit IMI online at http://www.magnetics.com or call 231.582.3100.
Contact:
Dennis O'Leary
Industrial Magnetics, Inc.
http://www.magnetics.com
231.582.3100
