SL Power & MTE Corp. Merge to Form Power Solutions Group
SL Power Electronics (a subsidiary of Steel Partners Holdings L.P.) and MTE Corp. have merged to form the Power Solutions Group (PSG). Despite the overall name change, for branding and marketing, SL Power Electronics will remain SL Power Electronics, and MTE Corp. will remain MTE Corp.
Tim Croal, former president of SL Power Electronics, was appointed as the CEO of the newly formed Power Solutions Group - effectively becoming the leader of both organizations.
Tim as lead SL Power over the past 5 years, helping the company grow EBITDA at a 9% annual rate, improving working capital at an 8% annual rate and more than doubled the Vitality Index (ratio of new product to total sales).
In the past two years, Tim and his team successfully completed a new Microsoft Dynamics AX ERP system while also making substantial improvements in their Mexicali, Mexico (shared with MTE) and Xianghe, China manufacturing facilities via 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 achieved solid performances during the past 5-years, the company believes that bringing the businesses together will offer opportunities for further performance acceleration as well as employee and organizational development.
Tim intends to focus on streamlining the businesses to ensure efficient and agile customer service and manufacturing while stimulating 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. Both brought outstanding contributions to MTE.
Steel Partners says it is confident that the Power Solutions Group will deliver similar performance under Tim's proven leadership.
Also, SL Power's former VP of Sales and Marketing, Karim Alhusseini, was appointed the new VP/GM of SL Power Electronics and will essentially absorb many of Tim's former duties at SL Power.
Future of PSG
Over the coming weeks, counterparts from both organizations will meet to gain insight into one another's businesses. Leaders from the two organizations intend to identify any potential synergies between the two companies, as well as those which can be leveraged to increase the market competitiveness of north entities.
SL Power designs and manufactures ac-dc power conversion solutions for OEMs.
Established in the early 1980s, MTE is a global supplier of power quality solutions designed to enhance the reliability of power electronic systems and variable frequency drives.