South Bend, Ind.-based MISCOR Group Ltd. has begun restructuring in order to focus on its industrial services segment, including the wind and utility market. The restructuring plan includes a number of organizational changes and the sale of non-core businesses.
MISCOR recently completed the sale of its AMP-Montreal business unit, one of its businesses in the rail service segment. AMP was sold to Novatech Inc. of Montreal for $1.5 million, including $1.1 million in cash and a note for $400,000 to be paid over three years.
In addition, the restructuring plan also calls for MISCOR to divest its remaining subsidiaries in the rail services segment, as well as its construction services subsidiaries.
‘We see long-term growth opportunities in the industrial services segment, including the wind and utility markets, as well as the heavy industrial market we have traditionally served,’ says John A. Martell, president and CEO of MISCOR Group.
As part of its current restructuring, MISCOR is reorganizing and reducing the cost of its management structure. James Lewis has resigned in his role as vice president of MISCOR but continues to serve the company on a consulting basis as outside general counsel and secretary. Bernie DeWees has stepped down as president of Magnetech Industrial Services but continues to serve Magnetech as a consultant to the industrial services leadership team.
Edward Matheny has been promoted to executive vice president and will oversee Magnetech's operations while continuing to lead its sales and marketing team.
SOURCE: MISCOR Group Ltd.
