MANSFIELD – The Ideal Electric Company, formerly owned by Hyundai Heavy Industries Co. Ltd. of South Korea, announced Wednesday, Sept. 13 that the company has been acquired by a privately-held affiliate of the Houston-based Gulf Electroquip Ltd.
Under new ownership, the longtime, Mansfield-based employer – which announced earlier this summer that it would soon cease production and lay off employees – will allow many associates to retain their positions, and more new associates are expected to be hired as the organization ramps up, according to a press release from Ideal Electric public relations representative Sara Pines.
“As an electrical engineer myself I’ve known of, and respected Ideal Electric’s market leadership in power equipment and we are incredibly honored to have this opportunity to renew and extend Ideal Electric’s service to hundreds of marquee customers around the world,” said Gulf Electroquip president Jim Petersen, Jr. in the press release.
“We are all looking forward to this new venture in Ohio and to being a positive member of the community in Mansfield as we roll up our sleeves and get back to work serving the loyal customers of Ideal Electric.”
The press release assures former Hyundai Ideal Electric customers that they will be fully serviced and all warranties will be honored, while orders for parts, service and new and replacement machines will be accepted and fulfilled immediately.
Ideal Electric is a globally-established American manufacturer of electric motors and generators, switchgear and control systems for all applications including industrial, oil, gas and petrochemical, water and infrastructure, pulp and paper, air handling, marine, mining, power generation and renewable energy.
“The industry has admired the Ideal Electric name and the robustness of the products for more than a century,” said Gulf Electroquip founding team member Nicholas Phillips, according to a press release. “We intend to fully support legacy products through a renewed focus on service, parts and repair, while also expanding our product offering with innovative technologies and new commercial partnerships.”
In May 2017, the Richland Source reported that the Hyundai Ideal Electric Company, 330 E. First St., would cease production and begin laying off 16 employees from its already reduced staff in July. This was according to a Worker Adjustment and Retraining Notification Act (WARN) notice distributed May 12 and received by the Ohio Office of Workforce Development May 18.
It anticipated that the layoffs would be permanent.
“The layoffs will affect all 16 bargaining unit employees who are currently employed at the Mansfield Plant,” Hyundai Ideal Electric Company human resource manager Wendi Knapp stated in the notice. “The 103 employees who were laid off during 2016 will not be recalled.”
Representatives from the Gulf Electroquip Ltd. were not immediately available for comment.
The Wednesday, Sept. 13 press release indicated that “all options (will) be on the table in Richland County as the Company is re-imaged in the globally competitive marketplace.”
