LANCASTER, PA — Electron Energy Corporation (EEC) has joined Magnetic Holdings, LLC, the parent company of Dexter Magnetic Technologies and Magnetic Component Engineering. This move brings together leading permanent magnet firms with complementary capabilities.
The Walmer family, who founded EEC in 1970 as the world’s first manufacturer of samarium cobalt magnets, will retain a significant minority interest in Magnetic Holdings. Michael Walmer, Chairman and CEO of EEC, will join the board of Magnetic Holdings. Financial terms of the transaction were not disclosed.
The combined entity boasts nearly 500 employees and over 200,000 square feet of manufacturing space. They serve critical applications in aerospace, defense, medical, semiconductor, energy, and industrial sectors.
Magnetic Holdings will leverage advanced raw materials, top-notch magnet fabrication, and expertise in designing high-performance motors and electromechanical components. The group now has four facilities in three locations and a vertically integrated manufacturing process, ensuring a robust supply chain.
“In 54 years, EEC has grown from two people with a great vision and little resources to a team of 150 committed and talented individuals serving our specialized markets with strength,” said Michael Walmer. “Our growth will be enhanced by this new, dynamic relationship with these strong partners. This growth enables EEC to keep pace with increasing vital customer demand, providing continual purposeful work for our employees.”
Walmer added, “After exploring partnerships with firms that are also rooted in and appreciate the advantages of our family-run culture, we found one that stands out as extremely well aligned with our values: Tinicum. Both Tinicum and EEC are led by their founding families, ensuring a continuation of vision for the future and legacy for the long term.”
Joe Stupfel, CEO of Magnetic Holdings, expressed enthusiasm about the partnership. “We are thrilled to join forces with EEC, a firm whose capabilities, employees, and leadership we hold in the highest regard. We are excited to now be able to offer our customers a comprehensive solution—unique in the magnetics industry.”
Stupfel emphasized the importance of employees in the merged entity. “Our employees are our most important asset. Investing in their careers and personal development not only benefits them but increases capabilities of our businesses. The larger size of our business creates opportunities for all the employees of Dexter, EEC, and MCE to grow.”
Rich Dosik, partner at Tinicum, also voiced his support. “We are thrilled to partner with the Walmer family and the team at EEC, and we are honored that they have entrusted us with their business. We have the utmost respect and admiration for EEC. We are excited to continue to make significant investments into EEC to help them grow as we build Magnetic Holdings for the long term.”
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