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PRESS RELEASE: ECS/Kane
Magnetics Merger
DUNN, NC / AUGUST 20, 2005
We are pleased to announce the merger of Energy Conversion
Systems and Kane Magnetics International. The new entity will operate
as Energy Conversion Systems, LLC (ECS). The principal partner continues
to be MidMark Capital, with HSBC and Key Principal Partners as major
institutional investors.
The combined business, operating as Energy Conversion Systems
(ECS) has been integrating its various companies to form a new, global
organization focused on using its product and technical resources to
serve its customers. ECS is a global business with 12 operating companies
in 8 countries and has over 1,800 workers.
The combining of ECS and Kane Magnetics allows for a more
unified focus on market needs through a common customer base enhanced
by technological synergies. This merger is a significant step in broadening
the technologies and product offerings of the overall Energy Conversion
Systems Organization. This action also stabilizes our fiscal health,
focuses our organization on operational excellence and secures our position
as a world-class supplier to the industries we serve.
This move will ensure that ECS maintains its global leadership
in the design and manufacture of technical systems and components vital
for cost-effective and energy-efficient operation of fractional horsepower
electric motors for Automotive, Consumer and Industrial applications.
Additionally, the company’s expanded magnetic technologies allow
it to uniquely serve not only the electric motor market but also the
electronic sensing market. ECS’ core product technologies include
carbon brush systems, commutators, electric harnesses, permanent magnets
and magnetic assemblies.
Product development and design centers are positioned in
Asia, Europe, and North America, with low cost satellite manufacturing
sites in each region to serve the technical and production needs of our
customers. The business headquarters will remain in North Carolina, USA.
The benefits of this change will have positive implications
for our customers, employees and suppliers around the globe.
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