IMI’s Acquisition of Prater Generates Positive Changes
For Immediate Release: Posted On 9/10/2014 By Industrial Magnetics, Inc.
Earlier in the summer, as Prater celebrated its 89th Memorial Day of providing its customers with particle processing solutions, employees got word that something new was on the horizon. It was announced that Industrial Magnetics, Inc. (IMI) Boyne City, MI USA, an industry leader in manufacturing engineered, innovative permanent and electromagnetic solutions since 1961, had acquired Prater-Sterling. Employees were assured by CEO Bud Shear that positive changes were in the pipeline that would be personally rewarding and would get everyone working towards cohesive corporate goals.
At ninety days post-merger, the impact of those changes can be felt, as well as seen. Significant modifications have been made to health care and related benefits packages, which now provide employees with lower premiums and more options for insurance. Additionally, there’s been an increase in company-match towards the 401(k) retirement plan, as well as added supplemental compensation opportunities.
Customers are noticing changes as well. The first "customer-friendly" measure initiated was to provide open payment terms, which is in stark contrast to the cash-in-advance terms that had previously been Prater’s policy. Other initiatives impacting customers include IMI’s significant capital equipment investments that will bolster production capacity, as well as improvements to Prater’s toll processing and laboratory capabilities. Product improvements via design enhancements will continue to emerge through investment in engineering and software technology.
The Sterling Systems and Controls division has also been busy with positive changes that will allow it to step out from the shadows and establish itself as a stand-alone brand. A new logo and website are being designed and a current search is underway for channel partners that will focus on Sterling’s batching & weighing systems.
According to Bud Shear, “Both companies are moving forward intact from a personnel perspective, with the exception of the previous owner, Scott Prater, who left to pursue new interests. We are closing in on securing a new GM to oversee day-to-day Prater operations. Prater and Sterling are comprised of so many talented and experienced individuals. It has been enjoyable to work alongside them and share ideas and concepts for moving the organization forward on a positive path”.
PRATER-STERLING: for additional information or to request a catalog, visit Prater-Sterling online at www.prater-sterling.com or call 877.203.3540.
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