TUESDAY - January 30, 2001: Yaskawa Electric Acquires MagneTek Drives Business
According to Ken Gniot, manager of Marketing Services for Yaskawa, Magnetek will retain the industrial controls business unit of its Drives & Systems group.
“This is going to be a good marriage,” said Gniot. “This successful business unit [MagneTek] sells, modifies, and services general purpose and high performance ac drives.”
According to Gniot, Yaskawa Electric is currently among the world’s largest producers of ac inverter drives. He said the acquisition of Magnetek’s drive products business unit is one of the company’s strategies to achieve a global market share goal of 20%.