Generac Power Systems is an American manufacturer for backup power generation products for the light commercial and industrial, residential market. Generac system power ranges from 800 watts to 9 megawatts, and is available through independent dealers, retailers and wholesalers. Generac is headquartered in Waukesha, Wisconsin, and has manufacturing facilities in Jefferson, Wisconsin, Eagle and Whitewater, Wisconsin.
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History
Founded in 1959, the company soon began producing portable generators for Sears, Roebuck and Co. under the Craftsman brand. During the 1970s, Generac expanded its offerings in the portable and recreational vehicle market, and in the 1980s the company entered the commercial and industrial markets with its backup power generation system.
In the late 1980s, the company produced residential, commercial and industrial generators, and in 1989, Generac introduced the first gas-fired home alert system.
In 1992, Generac began to create personal labeling generators for Caterpillar, Inc. As partnerships grow between the two companies, they discuss potential acquisitions of Generac by Caterpillar, even though the deal is never settled. In June 1996, Caterpillar decided to terminate a private labeling agreement. Generac subsequently sued Caterpillar under the Wisconsin Fair Dealership Law ("WFDL"), Sherman Antitrust Act, Wisconsin general law on treaty restrictions, and the Illinois Consumer Fraud and Deceptive Business Practices Act. The federal district court, in two separate orders, discards the action for the good of Caterpillar. Generac then challenged lower court rulings in the US 7th Circuit Court of Appeal, which ruled that Generac's claim was properly dismissed by a lower court. Generac continued to supply multiple transfer switches to Caterpillar until 2002, when Caterpillar changed suppliers.
In 1998, Generac sold its portable product division to the Beacon group, a private equity firm, which then sold it to Briggs & amp; Stratton Corporation. Following the end of non-competition related sales agreements in 2007, Generac re-entered the portable generator market in 2008.
In late 2006, Generac was bought by CCMP Capital of New York. In 2009, CCMP took out the write-off, which was described as non-cash goodwill and trade name destruction fees, totaling $ 583.5 million towards their Generac purchase. Aaron Jagdfeld was appointed president and chief executive officer in September, 2008 and is the current CEO.
Generac becomes public
On February 11, 2010, Generac Holdings Inc. (NYSE: GNRC), the parent company of Generac Power Systems, Inc., began trading on the New York Stock Exchange with a ticker symbol of GNRC. Initial public offering gave $ 224 million in net proceeds, which was used to repay debt.
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Recognition
Generac is the recipient of the "Best Place to Work" award in Milwaukee Magazine for Southeastern Wisconsin.
Generac industrial sizing application, Power Design Pro, received a silver award in 2010 Plant Engineering "Product of the Year".
The company has also been awarded Good Housekeeping Seals for the Guardian Series standby home generators and some portable generators.
Generac is honored with the 2014 Natural Gas Company of the Year Award from Frost & amp; Sullivan for his contribution to the North American natural gas generating industry.
Products
Generac manufactures gas-fired power plants, diesel and bi-fuel, parallel modular systems, automatic transfer switches and small engines. The company supplies products to industrial, commercial, and portable generator markets through many different distributors. In December 2009, Generac introduced Generac Industrial Power (a rebranding of its industrial product division) to include new engines, new enclosures, ergonomic changes and aesthetic changes. This includes partnerships with Fiat Powertrain Technologies to supply Generac with industrial diesel engines for use in industrial generators.
References
External links
- Official website
- Generac on Facebook on Facebook
Source of the article : Wikipedia
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