MISCOR Group Announces Authorized Service Agreement with TMEIC
MASSILLON, Ohio, Aug. 8, 2012
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
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
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.
Contact: Trisha Abbruzzi, MISCOR Group, Ltd., +1-330-830-3526,
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