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Wednesday, 06 September 2017 14:08

Industrial Magnetics acquires Indiana manufacturer

Written by  MiBiz Staff
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BOYNE CITY — Industrial Magnetics Inc. has purchased an Indiana manufacturer. 

According to a statement, the Boyne City-based Industrial Magnetics acquired Fort Wayne, Ind.-based Javelin Manufacturing, a producer of separators and engineered systems for the scrap, recycling, waste, mining and related industries.

The acquisition allows Industrial Magnetics to boost its holdings in metal separation equipment.

“Javelin’s footprint, reputation and well-established relationships provide a unique opportunity for us to grow the Javelin brand, as well as IMI’s current ferrous separation product line,” Dennis O’Leary, Industrial Magnetics’ chief business development officer, said in a statement. “We will certainly flank the Javelin brand with additional sorting technology via future acquisitions.”

Terms of the deal were not disclosed.

Industrial Magnetics plans to keep Javelin’s staff and Fort Wayne location, which will operate as an engineering and design center. The company expects to make unspecified capital investments later this year to modernize assembly capabilities, among other improvements, according to a statement.

“This acquisition allows Javelin to take that next step to become more proactive in providing a larger and more diverse product offering to the scrap, E-scrap and post-consumer recycling markets,” stated Javelin owner Jim Merrick.

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