September 17, 2014 6:07 PM ET

Commercial Services and Supplies

Company Overview of Magnetech Industrial Services, Inc.

Company Overview

Magnetech Industrial Services, Inc., doing business as Visalia Electric Motor Service, provides industrial and power system equipment repair and related services. It offers transformer rewind and repair, including field repair and oil testing services; and generator and motor repair and rewind services, such as motor repair and rewind, motor remanufacture, motor control center retrofits, motor design and diagnostics, and generator and motor field services. The company also provides lifting magnet sales; plant site services; hydroelectric services; asset management programs; naval/marine services, such as preventative/predictive maintenance, dry ice (CO2) cleaning, electrical system and compo...

800 Nave Road SE

Massillon, OH 44646

United States

Founded in 2000

Phone:

330-830-3500

Fax:

330-830-3522

Key Executives for Magnetech Industrial Services, Inc.

Founder
Age: 58
President
Age: 57
Compensation as of Fiscal Year 2014.

Magnetech Industrial Services, Inc. Key Developments

Magnetech Industrial Services Announces Authorized Service Agreement with Hyundai Ideal Electric Company

Magnetech Industrial Services, a wholly owned subsidiary of MISCOR Group Ltd. announced its authorization as a service provider for Hyundai Ideal Electric Company. As a service representative in the U.S., Magnetech is authorized to provide after sales repair and maintenance services for Hyundai Ideal Electric Company AC motors and generators. While Magnetech has an existing affiliation with Hyundai Ideal Electric Company through Worldwide Electric for the sale of Hyundai Ideal Electric Company motors, the demand for reliable after sales repair and maintenance services has led Magnetech and Hyundai Ideal Electric Company to expand their relationship to include warranty and non-warranty field services, overhaul and rewind services for Hyundai Ideal Electric Company's medium and high voltage motors and generators.

MISCOR Group Ltd., Magnetech Industrial Services, Inc. and HK Engine Components, LLC Enters into Amendment to Credit and Security Agreement with Wells Fargo, N.A

On November 28, 2012, MISCOR Group Ltd. and its subsidiaries, Magnetech Industrial Services, Inc. and HK Engine Components, LLC executed an eleventh amendment to credit and security agreement with its primary lender, Wells Fargo, N.A. In the eleventh amendment, the lender agreed to modify the following terms from the terms of the tenth amendment dated November 30, 2011. Changed annual interest rate equal to the sum of daily three month LIBOR, plus 3.50% from interest rate equal to the sum of daily three month LIBOR, plus 5.00%; increased the limit on capital expenditures to $750,000, from $600,000 for the fiscal year ending December 31, 2012 and no capital expenditures of more than $600,000 during any fiscal year ending on after December 31, 2013. The eleventh amendment also contains customary representations and warranties and conditions precedent.

Magnetech Industrial Services, Inc. Announces Huntington Service Center Open House

Magnetech Industrial Services, Inc. announced the official opening of its re-located Huntington, W.Va. service center. A ribbon cutting ceremony held Nov. 9, 2012 was well attended by state and local government officials, MISCOR corporate management, customers, vendors, employees and their families, and neighbors. The new facility, compared to the former facility, is equipped with increased crane capacity and improved electrical testing capabilities for up to 4,160-volt motors, allowing for additional production capabilities and improvements in workflow to meet increased growth and demand for services.

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