Some days are much more noticeably different than others. One day, you wake up to find yourself living in a world where the US imposed a new 25% tariff on China, UBER’s IPO became one of the worst-performing initial public offerings in history, and two titans of power within Steel Partner’s umbrella of companies are fused to become something completely new – something that didn’t exist yesterday.
The news was quite shocking because of its sudden and unpredictable nature. Much like a strike of lightning in the night. However, unlike a lightning strike, this surge of power did not destroy anything and instead created something – the Power Solutions Group (PSG).
What is changing and what is staying the same?
From a branding and marketing perspective, SL Power Electronics will remain SL Power Electronics and MTE Corp. will remain MTE Corp.
However, Tim Croal, former president of SL Power Electronics, has been appointed as the Group CEO of the newly formed Power Solutions Group – effectively becoming the leader of both organizations.
Under Tim’s leadership for the past 5 years, the SL Power team has grown EBITDA at a 9% annual rate, improved working capital turns at an 8% annual rate and more than doubled the Vitality Index (ratio of new product to total sales). Via strengthened EHS tools, processes and focus, there has been only one lost time injury in the past 3+ years. In the past two years, Tim and his team have successfully implemented a new Microsoft Dynamics AX ERP system while also making substantial improvements in their Mexicali, Mexico (shared with MTE) and Xianghe, China manufacturing facilities through the deployment of Steel Business System tools. Leveraging SteelGrow, SLPE has developed and continues to strengthen its High-Performance Culture.
Both SL Power and MTE have had solid performance over the past 5-years, but we believe bringing the businesses together will provide opportunities to further accelerate performance as well as employee and organizational development. Tim’s focus will be to streamline the businesses to ensure efficient and agile customer service and manufacturing while driving strong organic, profitable growth through continued investments in new product development and market share expansion.
Don Klein, MTE President, is retiring after 11 years of service to the company. Jaclyn Ramm, a 7+ year employee who was most recently MTE Director of Business Systems and HR, has left the company. Please join me in thanking both for their outstanding contributions to MTE.
Tim Croal has demonstrated outstanding performance while at the helm of SL Power Electronics. Consistently delivering metrics that increased value for stakeholders. Steel Partners is confident that the Power Solutions Group will deliver similar performance under his proven leadership.
In addition, SL Power’s former VP of Sales and Marketing, Karim Alhusseini, has been appointed the new VP/GM of SL Power Electronics and will essentially absorb many of Tim’s former duties at SL Power.
What’s on the horizon?
For the most part, that is still to be determined. Over the coming weeks, counterparts from both organizations will be meeting to gain insight into one another’s businesses.
Leaders from the two organizations are tasked with identifying any possible synergies that may exist between the two companies, as well as that which can be leveraged to increase the market competitiveness of north entities.
About SL Power
SL Power Electronics (a subsidiary of Steel Partners Holdings L.P.) is a global leader in designing and manufacturing AC/DC power conversion solutions used by Original Equipment Manufacturers (OEMs) in their most mission-critical applications. SL Power’s product portfolio ranges from an extensive selection of standard, modified, and completely custom turnkey solutions. With more than 60 years of experience in the power industry, SL Power offers OEMs superior performance with solutions that are optimized for thermal management, reliability, EMI/EMC, power density, and power efficiency.
SL Power Electronics specifically targets three primary market segments: Medical, LED, and Industrial
In the Medical applications space, SL Power products can be found powering virtually every type of electronic medical equipment, including: Surgical, Patient Monitoring, and Home Healthcare devices.
Within LED applications, SL Power solutions work to Enhance your Experience. SL Power’s line of LED drivers are increasingly being used for Horticultural Lighting applications, having proven their capability powering Stage Lighting and Arena Lighting equipment. SL Power products can be found powering some of the world’s leading entertainment venues, on movie sets and for artistic productions.
For Industrial applications, SL Power’s targeted solutions are integrated with devices that Enable Precision. These include Robotics, Automation, Photonics, Analytical Instruments, Electronic Test, and Analytical Test.
MTE Corporation was formed in 1982 by bringing together Milwaukee Transformer Co., Transformer Design Inc., and Milwaukee Electronics Corp. – companies that specialized in different fields of magnetics and transformer designs and were long established in their respective fields. MTE vaulted into a leadership role in power quality with its unique AC reactor design and passive filter expertise. We continued to grow as a global leader with innovative Harmonic Filters, Motor Protection Filters, and Sinewave Filters.
Now with the addition of TEAL Electronics in 2016, MTE brings a continuum of power quality solutions unmatched in the industry. Building on TEAL’s reputation of high-efficiency transformers and durable power conditioning and distribution units for demanding applications, MTE is building the best power quality company by capitalizing on the individual strength of each while bringing a new dimension in management, marketing, and quality.
Our team of professional design engineers has well over 100 years of collective experience in the industry and is complemented by as much experience in operations. Our engineers utilize state-of-the-art platforms and best-in-class simulation/modeling tools so that new designs meet your needs and the latest compliance standards while improving your bottom line. At MTE, we know power quality because power quality is all we do.