The Rea Shareholder Families signed documents to sell their 100% interest in Rea North America to Elektrisola, a family-owned company based in Germany. The actual closing of the transaction will be late Friday to coincide with the end of the month. The North American assets include the leased corporate offices and the manufacturing plants located in Fort Wayne and Lafayette, IN; Guilford, CT; Ashland, VA; and Monterrey, Mexico. Elektrisola plans to continue operating the business under the well-known brand of Rea Magnet Wire and employ all its approximate 800 employees. Looking ahead, the Rea Leadership team is excited about the opportunity this sale will bring to Rea and its employees, customers, suppliers, and communities.
Elektrisola is a well-known and respected global magnet wire manufacturer with a strong passion for this industry and a long-term view of the markets served. Elektrisola was founded in 1948 in Germany and will now have 19 plants in 7 countries with 43 sales offices in 25 countries. For more information on Elektrisola, we encourage you to view their website at: www.elektrisola.com. They also have a family history that is truly inspiring just like Rea Magnet Wire.
The Shareholder families wish to thank all current and former employees for more than 37 years of dedicated service to our customers and to the markets served under their ownership. Magnet wire is and will continue to be a critical component to motors, generators, and transformers of all shapes and sizes. “Strategically we came to a fork in the road. Do we continue successfully as is…or do we enlist an ally with global presence and world-renowned technical capabilities to help us embrace the unique electrical challenges of the next century? We believe we have chosen the right path for our people and our customers. We have known Elektrisola and the Schildbach family for almost four decades. Our principles and values are directly aligned. We know that they will do what is best for Rea: our people and our customers. This was singularly the most important factor in our decision,” said Jim Vann, Majority Shareholder.
“Rea is a great addition to complement our magnet wire activities in North America and to continue the successful growth of the Elektrisola Group. By joining forces and by combining the strengths of both organizations, we will be able to create significant value for our customers,” said Detlef Schildbach, Managing Owner of Elektrisola.
