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MISCOR Group, Ltd. (MIGL: Summary, Messages, Articles), the Indiana-based $75 M electrical and mechanical services company, today announced the opening of a 50,000 square foot service center in Montreal, for the maintenance, repair, and modification of locomotives and rail cars, with significant access to the Canadian National (CN) main rail line. The Canadian operation will be part of MISCORâs AMP Rail Services Canada, ULC, part of AMP (American Motive Power), one of the five major companies that make up MISCOR. The centralized location gives the company broad access to the Canadian rail market, and provides room for future expansion.
John Martell, founder and CEO of MISCOR, pointed out the market opportunity the move represents, “Increasing customer demand combined with a lack of single-source locomotive overhaul and repair shops in the area make this facility a natural fit for our entrepreneurial organization.” He also emphasized the reputation MISCOR has with customers for âon-time and on-budgetâ service.
MISCOR began operations in 2000, with the purchase of a small electrical motor shop in South Bend, Indiana, and went on to acquire companies in Indiana, Alabama, Maryland, New York, Ohio, Washington, and West Virginia. In 2004, they structured themselves as a holding company, Magnetech Integrated Services Corp., changing their name to MISCOR in 2005.
MISCOR provides a wide range of electrical and mechanical solutions to industrial, commercial, and institutional customers, although they are perhaps best known for the maintenance and repair of large motors and electrical power distribution equipment. In 2007, MISCOR acquired Ohio-based 3-D Service, adding wind-power operation maintenance to its line of services.
MISCOR stock closed at $7.90 Wednesday, one of its lowest points in nearly a year, dropping its P/E ratio to under 50, its lowest point since the company began recording a profit.
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