Dear Valued Customer,
It is our privilege to announce to you that Prater (Prater Industries, Inc. & Sterling Systems & Controls, Inc.) has been acquired by Industrial Magnetics, Inc. (IMI). We are very excited about the opportunities this merger will bring not only to our three companies, but to you, a key part of our business success in continuing to service you, our customers.
Our companies will continue to operate as separate entities with separate sales forces. The management structures of the three companies are virtually unchanged. As our three organizations get more familiar with one another and identify potential areas for growth and gains in efficiency at the plant, engineering and sales levels, we will collaboratively review those opportunities to provide the best products and services available in the markets that we serve.
While you are very familiar with Prater or Sterling and our product offering, let me take a quick opportunity to share a little about IMI with you. IMI is located in Boyne City, Michigan. 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. As you can see, IMI is a great company with a lot to offer to our existing customers to further support your business efforts.
We are very excited about this new partnership and hope you see how it can be beneficial to you as well. Please feel free to reach out and contact us with any questions or concerns you may have.
National Sales Manager
|IMI Announces…Industrial Magnetics, Inc. Acquires Prater
Boyne City, MI – May, 2014
Industrial Magnetics, Inc. of Boyne City, MI announces the acquisition of Prater of Bolingbrook, IL.
Established in 1961, Industrial Magnetics, Inc. is an industry leader in innovative magnetic solutions designed and engineered to meet the specific needs of its customers in applications ranging from particle separation to material handling. Prater is specializes in developing and manufacturing state-of-the-art equipment in size reduction, separation, metering, compacting, batch weighing as well as control systems for a vast range of applications including food processing, chemical & agriculture, minerals and pharmaceuticals.
Bud Shear, CEO of Industrial Magnetics, states, “IMI and Prater share many of the same key customers and channel partners and both companies have successfully carved out a niche in providing engineered solutions. The efficiencies to be gained from a design and manufacturing perspective will be beneficial to the entire customer population. This is a strategic acquisition that makes sound business sense for these and other reasons.”
With over 140 years of combined market presence, Shear says 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 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. 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 life cycle.”
Prater: for additional information or to request a catalog, visit Prater online at www.praterindustries.com or call 877.203.3540. Prater 2 Sammons Court – Bolingbrook, IL 60440 USA.
|Press release contact:
Industrial Magnetics, Inc.