Predict your next investment

Corporation
ELECTRONICS | Electronic Manufacturing Services
magnetics.com

See what CB Insights has to offer

Stage

Acquired | Acquired

Total Raised

$16M

About Industrial Magnetics

Industrial Magnetics provides permanent magnets and electromagnets for work-holding, lifting, fixturing, conveying and magnetic separation. A specialist in custom fabricating, IMI designs engineers and manufactures magnetic assemblies and devices for customers' specific requirements.

Industrial Magnetics Headquarter Location

1385 M-75 S

Boyne City, Michigan, 49712,

United States

231-582-3100

Latest Industrial Magnetics News

ISRI lands former Goldman Sachs president as speaker

Feb 23, 2021

Photo provided by ISRI. ISRI lands former Goldman Sachs president as speaker Former Goldman Sachs president Gary D. Cohn also served as an economic advisor to the Trump administration. The Washington-based Institute of Scrap Recycling Industries (ISRI) says former Goldman Sachs president Gary D. Cohn will serve as its “Main Stage speaker” on April 28, as part of ISRI2021, its online convention and exposition. “Gary Cohn’s wide array of economic knowledge combined with his plethora of experience in both the public and private sectors provide him with the right perspective to speak to the questions that are top of mind for recyclers,” says ISRI Vice President of Meetings & Convention Chuck Carr. “He will provide attendees with straight-shooting insights on the COVID economy, and his thoughts on what’s to come for both United States and global market economies alike.” Cohn began his career at Pittsburgh-based United States Steel Corp., before moving to New York to trade on the New York Commodities Exchange from 1982 to 1990. In 1990, Cohn joined Goldman Sachs, where he worked for more than 25 years and held several leadership positions, including global co-head of the Equities and Fixed Income, Currency and Commodities Division. From 2006 to 2016, Cohn was president and chief operating officer of the firm. He also was a member of the board of directors and chairman of the Firmwide Client and Business Standards Committee. From Jan. 2017 to April 2018, Cohn served as assistant to the president for economic policy and director of the National Economic Council at the White House during the Donald J. Trump administration. In his current position at IBM, Cohn works in partnership with that firm’s Executive Leadership Team on a range of business initiatives and external engagement, in areas including business development, client services, public advocacy and client relationship management. The wider ISRI2021 event , taking place April 20-22 and 27-29, has been designed to provide attendees with access to an exhibit hall “featuring the latest in recycling industry innovations, for an entire month beginning April 20.” Participants will also have around the clock, on-demand access to more than 40 educational sessions categorized into four tracks: 1) business operations, technology and innovation; 2) federal, state or local issues including environmental issues and community relations; 3) international trade, domestic and global economics and commodities; and 4) safety, health and transportation. New Covanta CEO talks about plans for company’s future as part of Q4 earnings call As part of the company’s earnings call, CEO Mike Ranger addressed how the company will take a closer look at its operations over the coming months. Earnings highlights include: Net (loss) income was $28 million in 2020, up from $10 million in 2019. Adjusted EBITDA was $424 million in 2020, down from $428 million in 2019. Net cash provided by operating activities was $254 million in 2020, up from $226 million in 2019. Free cash flow was $95 million in 2020, down from $140 million in 2019. 2021 guidance highlights include: An increase of adjusted EBITDA from $424 million in 2020 to a range of $435 million to $465 million in 2021. An increase of free cash flow from $95 million in 2020 to a range of $100 million to $140 million in 2021. As part of the company’s earnings call, new Covanta CEO Mike Ranger addressed how the company plans to take a closer look at its operations over the coming months: “When I stepped into this role about 3.5 months ago to lead the company and the strategic review process, I brought a good perspective on the issues and opportunities given my experience with the company and similar situations. However, we did not bring a fully formed plan at that point, and we committed to let our analysis and the data direct our decisions and actions. “As we announced in October, our initial focus has been an in-depth review of the company's businesses and strategies to understand where value can be unlocked and how to do so. With our efforts to date, I see a clear opportunity to deliver more value to shareholders, and we are now in the process of selecting how exactly to do just that. “Allow me to layout some of the specific objectives and initiatives. First, we believe that some assets of the company are undervalued by the market. As such, we will evaluate the best alternatives to recognize this value. In some cases, this could result in – our testing the market demand for certain parts of our business in order to capitalize on potential value differentials. “Second, in our core Waste-to-Energy business, the profitability of our operations is not uniform. A subset of our plants derives the majority of our current cash flow. Our efforts here will be to improve asset level contributions, or if not possible, we will work to exit less profitable operations. The specific levers we will use for this effort will be unique in each plant situation, but we will act decisively to reduce risk and improve cash flow. In many ways, this will be the most challenging part of the strategic reviews, the execution, but it is an area of great importance as we look to best position the company for the future. “Our third objective, and a likely consequence of any resizing of our asset portfolio would be an evaluation of our costs and capital allocation. I expected the company that emerges from this review will be leaner and more focused. Importantly, we expect to be better able to pursue and fund growth in the remaining business. “Lastly, an expected outcome of our activities will be reducing financial leverage. While the company is under no market rating agency or liquidity pressure, the Board and I believe that the current leverage is an overhang on our public equity valuation. By de-levering, we can both increase the mix of equity and the enterprise value, and potentially increase our trading multiples as a broader universe of investors are able to participate in our story. “An added benefit of a less leveraged capital structure over time is increased optionality on capital allocation, whether for aggressive growth opportunities or shareholder returns. While we are not making any discrete announcements today, I anticipate that the strategic review will occur through a series of steps that will play out over the coming quarters. And I anticipate that we will begin to make announcements on specific actions by the middle of this year.” A month’s worth of spot transaction pricing collected by Pittsburgh-based MSA Inc. for its Raw Material Data Aggregation Service (RMDAS) displays the plunge in prices paid by steel mills for obsolete scrap in February. The same buying period saw prompt ferrous scrap grades retain their value, however, a disparity also made clear in Fastmarkets AMM survey-based pricing for the early February trading period. The RMDAS figures released Feb. 20 summarizing the previous 31 days of trading activity, have the prompt industrial composites grade trading at an average of $500 in the United States, a full $100 higher than the $400 per ton average paid for shredded scrap, and $115 per ton more than was paid for No. 1 heavy melting steel (HMS) scrap. Higher scale prices in December and January opened up the supply spigot, according to scrap processors and traders. Those same high prices, however, kept many overseas buyers of shredded and HMS scrap on the sidelines. This created the conditions for a February $60 per ton drop in shredded scrap’s value, and a $44 drop for HMS scrap. Prompt grades did not suffer a similar fate because their supply is not price-sensitive and demand predominantly comes from U.S. electric arc furnace (EAF) mills, who remained in the market for the high-quality material. The gulf between prompt grades, which fetched $505 ton in the RMDAS North Midwest region, to HMS scrap, which fell to an average $366 per ton in the South, seems poised to narrow in the early-March buying period, however. On the supply side, winter weather ranging from snowbound portions of the Northeast to unusual amounts of ice and snow in Texas has combined with lower scale prices to rein in the temporary obsolete scrap boom. At times in mid- and late February, U.S. weather maps showed snow and ice holding most of the North American landmass, other than the Florida peninsula, in its grip. A West Coast processor told Recycling Today in mid-February, “Flow has been good, but we’ve been hit pretty hard by inclement weather and that will slow things down for a bit. There is still room to improve as flows are still down from our averages before the pandemic.” Lower Fastmarkets AMM February No. 1 HMS and shredded index pricing, at the same time, has reportedly brought overseas buyers back into the North American scrap market. The last week of February has started out with reports in Fastmarkets AMM and Davis Index pointing to increased bulk cargo interest from Turkey and post-Lunar New Year scrap buying from Vietnam and Taiwan. Davis Index says Turkish buyers are finding that sellers in the U.S. and elsewhere are declining initial bids “as they believe scrap prices” will rise by from $10 to $30 per metric ton. Boyne City, Michigan-based Industrial Magnetics Inc. has acquired substantially all of the assets of Walker Magnetics Group Inc., which was founded in 1896 in Worcester, Massachusetts. According to a news release from Industrial Magnetics, Walker Magnetics is North America’s “oldest industrial magnet manufacturer.” The company was founded upon the invention of the electromagnetic chuck by Oakley S. Walker and has since grown into a provider of custom and standard magnetic products for work-holding, lifting, material handling, scrap magnets and separation applications. Over its 125-year history, Industrial Magnetics reports that a diverse range of industries have come to recognize Walker Magnetics products’ reliability across a broad spectrum of unique and general manufacturing applications. “The acquisition of Walker Magnetics marks Industrial Magnetics’ next step in expanding our permanent, electromagnetic and electro-permanent magnetic technology and systems for industrial applications,” says Dennis O’Leary, Industrial Magnetics’ chief business development officer. “It also broadens our industry-best roster of lift magnets and establishes Industrial Magnetics as a leader in the work-holding segment with a complete lineup of permanent, electromagnetic and electro-permanent magnetic chucks. He continues, “With strong brand recognition and highly complementary products, we are excited about the opportunities to grow both businesses while maintaining our industry-best lead time, reliability and quality. Industrial Magnetics intends to be a thoughtful steward to the Walker Magnetics legacy, history and brand with continued investment in its long-term growth.” Industrial Magnetics was founded in 1961 and provides permanent and electromagnetic solutions. Waste Connections announces Q4 results Improvements in solid waste volumes and increased values for recycled commodities helped drive adjusted EBITDA margins above expectations for the quarter. Waste Connections Inc. , Ontario, Canada, has announced its results for the fourth quarter of 2020 on Feb. 17. According to the company, revenue in the fourth quarter totaled $1.398 billion, up from $1.362 billion in the year ago period. Operating income was $197.1 million, which included $24.1 million of impairments and other operating items primarily related to an adjustment to the carrying values of certain acquired long-lived assets and $5.3 million of acquisition-related costs. This compares to operating income of $194.2 million in the fourth quarter of 2019, which included $32.7 million of costs primarily resulting from impairments and other operating items. Net income in the fourth quarter was $130.7 million, or $0.50 per share on a diluted basis of 263.6 million shares. In the year ago period, the company reported net income of $133.3 million, or $0.50 per share on a diluted basis of 264.6 million shares. Adjusted net income in the fourth quarter was $178.6 million, or $0.68 per diluted share, versus $181.4 million, or $0.69 per diluted share, in the prior year period. Adjusted EBITDA in the fourth quarter was $426.6 million, as compared to $419.0 million in the prior year period. For the year ended December 31, 2020, revenue was $5.446 billion, as compared to $5.389 billion in the year ago period. Operating income, which included $482.1 million in costs primarily related to the decrease in property and equipment at certain E&P landfills as a result of the company's impairment testing, was $412.4 million, as compared to $837.8 million in the prior year, which included $77.4 million of costs primarily resulting from impairments and other operating items. Net income in 2020 was $204.7 million, or $0.78 per share on a diluted basis of 263.7 million shares. In the year ago period, the company reported net income of $566.8 million, or $2.14 per share on a diluted basis of 264.5 million shares. Adjusted net income in 2020 was $695.8 million, or $2.64 per diluted share, compared to $719.6 million, or $2.72 per diluted share, in the year ago period. Adjusted EBITDA in 2020 was $1.662 billion, as compared to $1.674 billion in the prior year period. "Q4 capped off a remarkable year for Waste Connections, culminating in a solid beat in the period and providing a higher entry point into 2021,” says Worthing F. Jackman, president and CEO of Waste Connections. “A more than 250 basis points higher than expected improvement in solid waste volumes and increased values for recycled commodities and renewable fuels drove adjusted EBITDA margins 50 basis points above expectations for the quarter. Moreover, we converted more than 50 percent of adjusted EBITDA to adjusted free cash flow in the year, while positioning ourselves for double-digit percentage growth in adjusted free cash flow in 2021.” Jackman adds, “2020 was also noteworthy for the pace of acquisition activity, which accelerated in the fourth quarter to drive another outsized year of activity and an incremental 2 percent rollover revenue growth from such acquisitions in 2021. Acquisition dialogue remains elevated and given the strength of our balance sheet, we remain well positioned to fund additional acquisitions, while also increasing return of capital to shareholders through opportunistic share repurchases and dividend growth. With expected solid waste pricing plus volume growth of 5 percent and increasing recycling and renewable fuels values, 2021 is already positioned for continued growth and margin expansion, with upside from any further reopening activity, recovery in the economy or acquisitions completed during the year.” Financial impact from COVID-19 Throughout the COVID-19 pandemic, Waste Connections says revenue from solid waste commercial collection, transfer and disposal has largely reflected the extent to which the slowdown in activity associated with shelter-in-place or other closure restrictions or requirements in effect since Q1 of 2020 have persisted. Q2 was the first full quarter to reflect the impacts from the COVID-19 pandemic, and activity levels in impacted lines of business have shown improvement in subsequent quarters. Recoveries in more impacted markets, particularly those where reopenings continue to be delayed or where additional restrictions have been imposed, have generally been less pronounced. The company has seen the following trends since Q2: Solid waste collection, transfer and disposal revenue improved from down 5.3 percent in Q2 to up 0.7 percent year over year on a same store basis in Q4, with reported solid waste volumes improving from down 9.6 percent in Q2 to down 3.1 percent in Q4. Year-over-year landfill tons, which were down approximately 10 percent in Q2, improved to down about 5 percent in Q4, and roll-off pulls improved from down approximately 11 percent in Q2 to down about 4 percent in Q4. Service resumptions or increases in frequency in solid waste commercial collection in competitive markets Waste Connections tracks that had previously suspended or reduced service due to the COVID-19 pandemic improved from recovery levels of 42 percent of such impacted revenue through Q2 to 56 percent at year end 2020.

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Industrial Magnetics Patents

Industrial Magnetics has filed 5 patents.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

5/24/2010

7/2/2013

Actuators, Plastics industry, Toilets, Injection molding, Granularity of materials

Grant

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

Application Date

5/24/2010

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Grant Date

7/2/2013

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Title

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Related Topics

Actuators, Plastics industry, Toilets, Injection molding, Granularity of materials

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Grant

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.