Listen to this articleSince 1961 Industrial Magnetics has been providing customers with custom and off-the-shelf magnetic solutions and products for a wide range of applications. The company has three product groups (automation, tramp metal and the magnate group) and offers USA-made quality offerings to various industries. Below is our interview with Dennis O’Leary, Chief Business Development Officer at IMI Holdings:
Q: Tell us something more about the company and your history?
A: Industrial Magnetics, Inc. (IMI) is an industry leader in providing permanent magnets and electromagnets for work holding, lifting, fixturing, conveying and magnetic separation. When IMI was established in 1961, the beginnings were humble: a small line of magnets being manufactured and sold to the automotive industry in Detroit, MI out of the trunk of the founder’s car. It was founded with a pretty simple goal in mind – know the customer and the application, manufacture the best solution and deliver it as promised. In the 56 years since we opened our doors a lot in the industrial marketplace has changed, but we still believe our success is rooted in striving for this goal. We design, engineer and manufacture magnetic assemblies and magnetic devices for our customers’ specific requirements, and take pride in the quality and performance of our products.
IMI added Prater Industries and Sterling Systems to its portfolio in 2014, companies who specialize in manufacturing state-of-the-art equipment in size reduction, separation, metering, compacting, batch weighing as well as control systems for a vast range of applications including food processing, chemical & agriculture, minerals and pharmaceuticals.
With worldwide distribution through a combination of a direct sales force and channel partners, we strive to provide personalized service and innovative solutions to meet the exact needs of our customer’s application.
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Q: Can you give us more insights into your products and services?
A: We have three distinct product groups, each with offerings unique to a wide variety of markets and uses. Our Automation Group provides innovative solutions to companies interested in magnetically conveying ferrous metal parts, lids and containers, as well as standard and custom engineered solutions for a wide variety of stacking, destacking, lifting, transferring, conveying, tooling and lift assist applications. Magnets are available in a permanent, perm-electro, electro or electro-permanent configurations and for manual or automated / robotic applications.
The MAG-MATE® Group of Industrial Magnetics, Inc. manufactures hundreds of magnetic assemblies and magnetic products for a wide variety of industrial applications using Rare Earth magnets, Ceramic magnets and Electromagnets. Our products have been tested and proven in countless applications and are now available for you to order online, as well as through some of the finest industrial distributors in the world!
In our Tramp Metal Group, we specialize in industrial strength magnetic separation equipment for the removal of ferrous metal contaminants from dry or liquid product flows and we are the first manufacturer to offer 52 MgOe rare earth material as a standard in many of our metal separation products. Our magnetic separators are used in industries such as food, chemical, plastics, and feed and grain, to improve product purity and protect processing equipment from damage.
While available in standard sizes, strengths and designs to meet most applications, IMI specializes in modified standard products and custom solutions, and offers design and engineering assistance for unique or difficult applications. IMI separation magnets have saved untold dollars in reduced downtime and contaminated product recalls.
Q: What geographic markets are you focusing on currently?
A: We largely focus on the North and Central American markets. Magnets and airplanes don’t get along too well, so just as foreign manufacturers based in Europe or the Pacific Rim find it challenging to compete here due to extended transit times via ocean freight, the same holds true for us since we don’t currently have a manufacturing facility outside of the USA. The beneficiaries are the end-users, since there are quality manufacturers around the globe.
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Q: What are your plans for next six months?
A: We are halfway through our fiscal year and our goal is to finish strong and check off the boxes on our best year ever in terms of revenue, on-time delivery % and customer satisfaction. Longer term, we are always in acquisition mode. Our goal is to continue to flank our core offerings with products and brands which add accretive value to our business model by having more to offer our existing customer and channel partners, as well as providing the chance to open doors to new markets and prospects.
Q: What’s the best thing about Industrial Magnetics that people might not know?
A: We pride ourselves on industrial-grade craftsmanship, workhorse-duty product and the ability to deliver that product as promised: on time and as expected. We process over 14,000 orders annually and deliver at a 98.7% on-time rate. Our speed to market is unrivaled, especially given that more than three quarters of what we design and manufacture is application-specific so it must be right the 1st time. We can design, manufacture and deliver a unique solution from concept to installation faster than many companies can build a print-pull or make simple modifications to a standard. Book-end that with the fact that our warranty work is south of $50,000 annually against revenue well north of $25MM, and we feel like we are in the best position to deliver what the end-user is expecting. That’s not intended to be cocky. We feel like if we can continue to back up these claims as we have for the past 15 years, then it should be viewed as confidence. Our channel partners and customers want to a value-add vendor in whom they can be confident to deliver on promises made; we work hard to keep those promises.
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