Shermco Industries Completes Acquisition Of Magna Electric Corp.

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Shermco Industries, a Texas-based provider of electrical services to energy, utility, infrastructure, industrial and other U.S. companies, has completed its acquisition of Magna Electric Corp. (MEC), a Canadian electrical power system engineering, testing, construction, manufacturing and commissioning service company based in Saskatchewan.

Shermco claims the transaction creates the largest independent electrical testing and maintenance service company in North America. The acquisition approximately doubles Shermco's operating scale, and the combined company will have over 1,000 electrical workers in locations across the continent. The full MEC workforce and senior management team will be integrated with Shermco, and operations at all of MEC's existing facilities are expected to continue.

"The combination uniquely positions Shermco to serve current and future customers across the U.S. and Canada, particularly those with trans-border projects and facilities and those which require large-scale electrical maintenance outages to be completed in minimal time frames," says Ron Widup, Shermco president and CEO.

Kerry Heid, CEO of MEC, adds, "We are very pleased to join the Shermco team and contribute to the significantly expanded scale and extended reach of the combined company. There are tremendous opportunities being created as Canadian companies work to meet strong demand for energy across North America, as well as a wide range of other products and services. By joining forces, we will be better positioned to help our customers meet those critical needs."

Terms of the transaction were not disclosed.

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