Alliance Holdings Acquires Walker Magnetics Group
04/22/2013 - Alliance Holdings, Inc., a 100% employee-owned holding company, has acquired Walker Magnetics Group, Inc., a U.S.-based global leader in magnetic solutions.
Alliance Holdings, Inc., a 100% employee-owned holding company, has acquired Walker Magnetics Group, Inc., a U.S.-based global leader in magnetic solutions. Alliance Holdings will retain key management of Walker Magnetics Group, Inc.
This acquisition is the result of a strategic initiative spearheaded by Dick Longo, president and chief executive officer of Walker Magnetics Group, Inc. Mr. Longo explains, "Walker actively and methodically sought out a partner to help us develop and implement cutting-edge strategies to significantly improve business processes and build a stronger company. Alliance Holdings has an impressive track record of strengthening companies. Their financial and operational expertise will make Walker Magnetics better equipped to identify new opportunities and increase sales throughout the world."
Mr. Longo continues, "Walker Magnetics and Alliance Holdings will combine old-line, Made in the USA, industrial strength and modern financial and operating management. The new Walker Magnetics will be uniquely positioned to continue the revival of American manufacturing for the domestic and international machine tool, scrap, steel, mining and recycling industries. Everyone at Walker is looking forward to the next chapter in our rich history."
Headquartered in Abington, Pa., Alliance Holdings, is a 100% employee-owned firm that teams with exceptional U.S. companies that have stable operating results and a sustainable cash flow. The company's Employee Stock Ownership Plan (ESOP) has grown to be one of the largest in the United States.
Kenneth J. Wanko, president and chief executive officer of Alliance Holdings, Inc. commented, "We are excited to add Walker Magnetics Group to our diversified portfolio of operating companies. Walker Magnetics' position as an industry leader in innovative product solutions and outstanding customer service will be reinforced through additional financial and strategic resources. The Company will be solidly positioned for growth through enhanced research, development, marketing and sales of exceptional products globally."
Walker Magnetics Group, Inc., headquartered in Worcester, Mass., is the largest company in the world providing custom design and manufacture of magnetic products for workholding, material handling and separation applications. Founded in 1896 by Oakley S. Walker, the inventor of the electromagnetic chuck, the Company has grown from a manufacturer of one primary product, the electromagnetic chuck, to a global concern with a diversified product line. Today, Walker Magnetics Group designs and manufactures a wide range of permanent, electromagnetic and electro-permanent magnet products and systems for industrial applications.
