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September 13, 2017 03:47 PM Eastern Daylight Time

MANSFIELD, Ohio–(BUSINESS WIRE)–Ideal Electric Company (“Ideal Electric” or The Company), formerly owned by Hyundai Heavy Industries Co. Ltd. of South Korea, announced today that the Mansfield, Ohio company has been wholly acquired by a privately held affiliate of Gulf Electroquip Ltd. of Houston, Texas. 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 founding team, led by entrepreneurs George Jackson, Jim Petersen, Jr. and Nicholas Phillips, is headquartered in Houston, Texas.

Petersen, a 3rd generation family owned electric machinery manufacturer, and President Gulf Electroquip, says, “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. 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.”

Under new ownership, many current Ideal Electric associates have retained their positions, and additional, new associates are expected to be hired as the organization ramps up. Customers of the former Hyundai Ideal Electric Co. 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.

“The industry has admired the Ideal Electric name and the robustness of the products for more than a century,” said Nicholas Phillips, Founding Team member. “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,” added Phillips.

The purchase of Ideal Electric returns the 114-year-old business to private hands and allows for all options to be on the table in Richland County as the Company is re-imaged in the globally competitive marketplace.