Magnetech Announces Authorized Service Agreement with Hyundai Ideal
MASSILLON, Ohio, Sept. 3, 2013 /PRNewswire/ -- Magnetech Industrial Services, a wholly owned subsidiary of MISCOR Group, Ltd. (OTCQB: MIGL), today announced its authorization as a service provider for Hyundai Ideal Electric Company (HIEC). As a service representative in the U.S., Magnetech is authorized to provide after sales repair and maintenance services for HIEC AC motors and generators.
While Magnetech has an existing affiliation with HIEC through Worldwide Electric for the sale of HIEC motors, the demand for reliable after sales repair and maintenance services has led Magnetech and HIEC to expand their relationship to include warranty and non-warranty field services, overhaul and rewind services for HEIC's medium and high voltage motors and generators. Magnetech is ISO 9001:2008 certified and provides a strong mix of electro-mechanical trade qualifications and depth of experience with medium and high voltage large rotating equipment.
"Magnetech offers authorized service for a broad range of motor OEM's," said Michael P. Moore, President and CEO of MISCOR Group. "We are pleased to add Hyundai Ideal to the lineup of motor companies that trust Magnetech to provide reliable, quality service for their customers."
Massillon, Ohio-based Magnetech Industrial Services, Inc. provides electrical and mechanical solutions to industrial, commercial and institutional customers, consisting of maintenance and repair services to several industries, including electric utilities, wind power, transportation, chemical, oil, pulp and paper, metal manufacturing and forming, and repairing, manufacturing, and remanufacturing industrial lifting magnets for the steel and scrap industries.
About Hyundai Ideal
Headquartered in Mansfield, OH, Hyundai Ideal Electric Co. is a market leader in made to order medium and high power motors and generators, and is one of the few generator manufacturers who builds their own switchgear and is the only U.S. manufacturer to supply space-saving generator-mounted epicyclic gears. HIEC serves a wide variety of markets including oil and gas, petrochemical, municipal, utility and the critical renewable energies markets for hydro and geothermal steam.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "could," "will," or variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company's views, expectations and beliefs at the time such statements were made with respect to such matters, and may cover such items as the Company's future plans, objectives, events, contract pricing and results such as revenues, expenses, income, earnings per share, capital expenditures, operating margins, financial position, expected results of operations and other financial items. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and outcomes to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that make the timing, extent, likelihood and degree of occurrence of these matters difficult to predict. Risk Factors include, among others: price of raw materials, ability to win and service competitively priced new contracts in sufficient amounts to operate and expand effectively, employee turnover, ability to compete in highly competitive, geographically diverse marketplaces, ability to complete planned divestitures and varying and sometimes volatile economic conditions. For further discussion of risks and uncertainties, individuals should refer to the Company's SEC filings. MISCOR Group, Ltd. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release is issued. You are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
SOURCE MISCOR Group, Ltd.
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