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A privately-held affiliate of Houston-based Gulf Electroquip Ltd. has acquired Ideal Electric Company, a Mansfield, Ohio-based manufacturer of electric motors and generators, from Hyundai Heavy Industries. The acquisition will retain most employees and add new hires.
“Under new ownership, the longtime, Mansfield-based employer – which announced earlier this summer that it would soon cease production and lay off employees – will allow many associates to retain their positions, and more new associates are expected to be hired as the organization ramps up.”richlandsource.com
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