Magnetech Announces Authorized Service Agreement with Hyundai Ideal
MASSILLON, Ohio, Sept. 3, 2013
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
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.
Contact: Trisha Abbruzzi, MISCOR Group, Ltd., (330) 830-3526
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