Hitachi acquires Illinois industrial motor-repair company
Hitachi Ltd. has completed the acquisition of Illinois-based Joliet Electric Motors LLC (Joliet), a sales and maintenance service business for large motors in North America.
The business was sold by Argosy Investment Partners IV, L.P., Odyssey Capital Group, L.P., and Ironwood Mezzanine Fund II L.P.
Joliet has a 90-year track record in the sales and maintenance service business (repair, rebuild) of large motors for the energy and heavy industry sectors in North America. Since 2002, Joliet has strengthened its partnership with Hitachi Industrial Products as a sales distribution partner for oil drilling.
Through the acquisition, Hitachi Industrial Products will enhance its recurring business by expanding the sales of large industrial equipment in North America, strengthening the maintenance service business for existing products, and entering into the maintenance service business for products manufactured by other companies. Hitachi Industrial Products also aims to contribute to the reduction of CO2 emissions from energy sources by developing and providing electrified products through Joliet's sales channels.
"The first transaction between Joliet ... and Hitachi dates back to 1968. Both companies, connected through large motors, will leverage their respective strengths in the energy market during the transitional period towards energy transition, said Keizo Kobayashi, president and director, Hitachi Industrial Products. "Hitachi Industrial Products will develop and manufacture high-efficiency electric products and sell them together with Joliet. Furthermore, by utilizing Joliet's expertise in repair and rebuild, Hitachi Industrial Products will collect, analyze, and utilize operational data of the products to provide optimal equipment, thus establishing a recurring business cycle."
Tim Tibbott, CEO of Joliet Electric Motors added, "We are thrilled to continue our 56-year collaboration with Hitachi, Joliet Team. I believe by working together, we can offer important electrification solutions and create value for our customers in the heavy industries and energy market. Furthermore, I want to express my gratitude to Argosy on behalf of the whole Joliet Electric Motors team. We appreciate the 16 years of unwavering leadership and support."
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
