MISCOR Group Announces Authorized Service Agreement with TMEIC
MASSILLON, Ohio, Aug. 8, 2012 /PRNewswire/ -- MISCOR Group, Ltd., (OTCQB: MIGL) today announced the authorization of its wholly owned subsidiary Magnetech Industrial Services, Inc. as the exclusive service provider for Toshiba-Mitsubishi-Electric Industrial Systems (TMEIC). As the licensed service agent in the U.S. and Canada, Magnetech's Massillon, Ohio service center is authorized to provide repair and maintenance services for TMEIC motors.
The agreement grants Magnetech the exclusive right to provide warranty and non-warranty services for TMEIC induction and synchronous motors of IEC frame size 250 and larger, including troubleshooting, maintenance, repair, and overhaul.
Magnetech's Massillon service center 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. Over the past year, the facility has undergone a rigorous selection process and was found superior to other motor repair companies in North America.
"In an evaluation that took well over a year, TMEIC closely examined our shop capacity, machine shop and fabrication capabilities, employee experience and training, repair practices, quality management system, and warranty rate, which is well below one percent. The audit team found Magnetech surpassed all of the other motor repair shops that they reviewed," said Michael P. Moore, President and CEO of MISCOR Group. "TMEIC and its customers expect superior quality assurance and quality control systems from an authorized service shop. We are proud to have been chosen as their service agent."
About MISCOR Group, Ltd.
Massillon, Ohio-based MISCOR Group, Ltd. (MIGL) provides electrical and mechanical solutions to industrial, commercial and institutional customers through two segments: Industrial Services, consisting of the Company's 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; and Rail Services, consisting of the Company's manufacturing of power assemblies, engine parts, and other components related to large diesel engines.
Headquartered in Tokyo, Japan, TMEIC was formed in 2003 from the merger of the industrial systems departments of Toshiba Corporation and Mitsubishi Electric Corporation. TMEIC manufactures and sells variable frequency drives, motors, and advanced automation systems for a range of industrial applications. The company has major operations in Japan, China, Singapore, India, the United Kingdom, Germany, Italy, and the United States.
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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