Magnetek Inc. plans to sell its Telecom Power Systems business, which is based in Menomonee Falls. The division, which generated approximately $16 million of Magnetek’s total sales of $103.8 million in fiscal 2007, employs about 25 people in Menomonee Falls and another five people in a sales office in Dallas, Texas.
Magnetek said it will focus its efforts on enhancing shareholder value through investment in and growth of its core power control and systems businesses, as well as strategic acquisitions in its product lines serving the material handling, elevator, and alternative energy industries. "Magnetek’s strategy is to focus on our core businesses where we have growth opportunities and a sustainable competitive advantage," said Magnetek chief executive officer David Reiland.
As previously announced, Magnetek recently acquired the assets of Enrange LLC of Canonsburg, Pa., a wireless control manufacturer providing radio remote controls for the material handling, industrial, hydraulic and rock mining industries. Beginning with the fourth fiscal quarter, Magnetk will account for the Telecom Power Systems business as a discontinued operation.
